Kepler Trust Intelligence Podcast

In this episode of Trust Issues, we speak to Richard Staveley, manager of Rockwood Strategic, about the opportunity for investors in the UK small-cap sector, including the shining stars in the portfolio, key drivers of performance in 2024 and the most interesting themes in the year ahead.

00:00 Introduction

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

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

RKW website - https://www.rockwoodstrategic.co.uk/

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 Rebecca MacLean, manager of Dunedin Income Growth (DIG), which seeks to deliver resilient income and capital growth, while meeting a strict sustainable and responsible investment approach.

Rebecca is an investment director in the developed markets equity team at abrdn, focusing particularly on UK and European equities. In this month’s episode, we discuss Rebecca's time within the responsible investment industry and the future of the sector, the health of the UK stock market, why UK investors should take a total return approach and the challenges and opportunities in 2025.

00:00 Introduction

01:22 Background to becoming a fund manager

03:09 The future for responsible investing

05:38 The health of the UK stock market

08:46 Where in the UK market are you most bullish?

11:44 Why DIG invests in overseas companies

13:31 The benefits of total return investing

15:48 What surprised you most about 2024?

18:38 How to get more people investing in the UK stock market

20:47 The biggest challenges facing investors in 2025

22:50 The biggest opportunities for investors in 2025

24:31 Further information

24:46 Disclaimer

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

Insights on the abrdn website: https://www.abrdn.com/en-gb/dig/news-and-insights/insights

Please note that this podcast was recorded on 21 January 2025.

In this episode of Trust Issues, we speak with Loong Lim from WhiteOak Capital Management, the investment advisor to Ashoka WhiteOak Emerging Markets Investment Trust (AWEM).

Loong discusses his recent trip to China, the benefits of investing in small and mid-cap names and the challenges and opportunities within the emerging market landscape.

00:00 Introduction

00:43 Insights from Loong's trip to China

04:07 Investing in more democratic countries

06:12 How investing in small and mid caps can help generate alpha

07:58 Why does AWEM invest in so many companies?

09:45 The outlook for emerging markets and company examples

12:58 Investing in pre-IPOs and thoughts on Indian equities

15:21 Further information

15:53 Risk warning

This podcast was recorded on 20/01/2025.

Read our latest research on AWEM: https://www.trustintelligence.co.uk/investor/articles?fund_id=1874

Click here to visit AWEM’s website: https://awemtrust.com/

In this special episode of Market Matters, we’re joined by Baroness Ros Altmann, a leading expert on both the investment trust sector and pensions industry. Having previously served as the UK Pensions Minister, Ros now sits in the House of Lords and is also a visiting Professor at the London School of Economics.

Ros shares her thoughts on Saba’s current campaign, why retail shareholders should have their say and the need for boards to focus on narrowing discounts. We also delve into recent changes to cost disclosure rules for investment trusts, explore potential pension reforms to stimulate interest in UK equities and discuss why a change in monetary policy is essential to jumpstart the economy.

00:00 Introduction

00:22 Career in the public and private sector

02:55 Advocating for the investment trust sector

08:53 Thoughts on Saba’s proposals

13:30 Should boards be more focused on narrowing discounts?

16:44 Impact of changes to cost disclosure rules

20:10 Need for reform of Consumer Duty regulations

24:12 Should retail platforms be mandated to inform investors of upcoming votes?

24:59 Should the Mansion House pension reforms be tightened?

29:40 Thoughts on possible changes to ISAs

31:09 Need for a change in monetary policy

34:26 Risk warning

Please note that this podcast was recorded on 23 January 2025.

In this episode of Trust Issues, we speak to Richard Horlick, Chairman of BH Macro. We discuss his thoughts on BH Macro as a shareholder, including his rationale for owning the trust, recent performance, the current discount and why Brevan Howard stands out in the hedge fund universe.

00:00 Introduction

Our latest research on BH Macro - https://www.trustintelligence.co.uk/investor/articles?category_id=fund-research-investor&fund_id=233

Please note that this podcast was recorded on 5 December 2024.

Disclaimer

The video interview is not intended for or directed at, and should not be accessed by or distributed to, persons: (a) in the United States or who are U.S. Persons (as defined in Rule 902 under the Securities Act); or (ii) who are located in any other jurisdiction where it is not lawful to access the video interview.

In this episode of Trust Issues, sponsored by Baillie Gifford, we speak with Svetlana Viteva, co-manager of Edinburgh Worldwide (EWI), about the trust's investment strategy, some of the exciting, enduring themes in which it invests, such as quantum computing, and the upcoming vote on resolutions put forward by US hedge fund Saba Capital Management.

00:00 Introduction

00:17 What does EWI look for in its portfolio holdings?

07:57 The role private companies play in EWI's portfolio

11:06 Investing in quantum computing through PsiQuantum

15:06 The outlook for investing in small-cap growth companies

19:06 How will recent enhancements made benefit shareholders?

23:23 Why investors should vote against Saba's resolutions and how they can

28:33 Risk warning

Our latest research on EWI - https://www.trustintelligence.co.uk/investor/articles?fund_id=52

EWI website - https://www.bailliegifford.com/en/uk/individual-investors/funds/edinburgh-worldwide-investment-trust/

This podcast was recorded on 09/01/2025

In this episode of Trust Issues, which was recorded on 16 December 2024, we speak to Ryan Lightfoot-Aminoff from the analyst team at Kepler Trust Intelligence about BlackRock Smaller Companies (BRSC). 

We discuss his thoughts on the trust, including the opportunity for investors in UK small-caps, an overview of the trust, current portfolio allocations, recent performance and the catalyst for a sustained recovery in the UK small-cap sector.

00:00 Introduction

Our latest research on BRSC - https://www.trustintelligence.co.uk/investor/articles?fund_id=127 

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's guest is Jean Roche, co-manager of Schroder UK Mid Cap (SCP), which aims to capitalise on the growth opportunities in the UK mid-cap universe. Jean has extensive experience in the asset management industry with a particular specialism in small and mid-caps.

In this month’s episode, we discuss a wide range of issues including recent performance of the FTSE 250, the possible de-equitisation of the UK stock market, current valuations, innovation by UK companies and the possible impact of Trump 2.0.

00:00 Introduction

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

Please note that this podcast was recorded on 12 December 2024.

In this episode of Trust Issues, we speak to Thomas McMahon, Head of Investment Companies Research at Kepler Trust Intelligence, about BlackRock Frontiers (BRFI). We discuss his thoughts on the trust, including BRFI’s investable universe, current sector and geographic weightings, recent performance and the long-term growth drivers for frontier markets.

00:00 Introduction

00:23 Overview of the trust

01:28 Key attributes of investments

02:50 Current sector and geographic weightings

05:08 Level of current gearing (please note that both short and long positions through CFDs are a form of gearing that can amplify gains and losses)

06:14 Managing volatility and geopolitical risk

07:50 Overview of performance

09:29 Why sector lends itself to active management

10:41 Long-term growth drivers for the region

12:45 Further information

13:05 Risk warning

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

BRFI website - https://tinyurl.com/2rzp4af6

Jo, David & Ryan talk through the most notable news in November, including TR Property, Schroder Real Estate, Miton UK MicroCap, Cordiant and Rockwood, and highlights of our recent podcasts and events.

00:00 - Introduction