In this episode, our director of content, investment trusts Milosz Papst provides an overview of Law Debenture Corporation which aims to achieve a higher rate of total return than the broad UK stock market through investing in a diversified portfolio of primarily UK equities. He discusses the unique symbiotic relationship between the company’s investment portfolio and its independent professional services (IPS) business and how this drives performance. The regular flow of income that IPS generates, well ahead of its share of net assets, provides the portfolio managers with much greater freedom to balance the requirements for immediate income with the goal of growing capital values over time. He also comments on the company’s recent interim results, with a strong absolute and relative performance from the portfolio and continued growth in IPS. He elaborates on the main contributors to performance, including Rolls-Royce which is a good example of how Law Debenture Corporation can successfully invest in companies not paying a dividend at the time of investment thanks to the regular income from IPS. Finally, he discusses the company’s current portfolio positioning as sentiment towards UK equities begins to improve.

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About ‘Uncovering Trusts’

'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.

About Edison:

Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.

Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, healthcare analyst Dr Arron Aatkar provides an overview of Worldwide Healthcare Trust, the London-listed investment company that aims to generate a high level of capital growth from a diversified portfolio of global healthcare stocks. He discusses the stock selection process, which involves a bottom-up approach from a universe of c 1,000 companies, and comments on how the trust brings broad exposure to the global healthcare industry through a multi-cap approach. Dr Aatkar also provides an overview of the current portfolio, highlighting the notable exposure to biotech companies and underweight exposure to pharmaceutical companies (relative to the benchmark index). The discussion then moves on to the trust’s performance in recent years and concludes with the managers’ outlook on the healthcare sector, commenting on how the fundamentals remain favourable despite recent headwinds, particularly for smaller biotech companies.

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About ‘Uncovering Trusts’

'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.

About Edison:

Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.

Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides a brief introduction to The Diverse Income Trust (DIVI). It is managed by Gervais Williams and Martin Turner at Premier Miton Group, who aim to generate a dividend income stream that is more resilient and has the potential to grow faster than those of the trust’s peers. Milosz then explains how stocks are selected, emphasising the importance of company meetings to the research process. He provides information about the main features of DIVI’s portfolio and the trust’s dividend history before turning to the UK market, which includes the managers’ very optimistic outlook for UK stocks.

***********************************************************

About ‘Uncovering Trusts’

'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.

About Edison:

Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.

Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, healthcare analyst Dr Arron Aatkar provides an overview of the Biotech Growth Trust, the London-listed investment company that seeks capital appreciation by investing in the worldwide biotechnology industry. He discusses the stock selection process, which involves a bottom-up approach, and comments on how the trust favours smaller, emerging biotechs. He also provides an overview of the current portfolio, highlighting the notable increase in exposure to Chinese biotechs during the first half of 2025. The discussion then moves on to the trust's performance in recent years, from the highs seen across the sector during the COVID-19 pandemic to the flight of capital and rightsizing. He concludes with the managers' outlook on the healthcare sector, commenting on how the current landscape may be perceived as a compelling mix of attractive valuations and increasing demand for new biotech innovations.

***********************************************************

About ‘Uncovering Trusts’

'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.

About Edison:

Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.

Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our investment trusts analyst, Michal Mordel discusses the investment opportunities arising in Vietnam. He explores the country’s transformation and remarkable growth story, as well as its place in global supply chains and the current geopolitical landscape. He talks about Vietnam’s greatest advantage, which is its young, productive and well-educated population. Michal also presents a brief rundown of investment vehicles available to London-based investors that focus on Vietnam and can serve as a gateway to this market.

In this episode, our director of content, investment trusts Milosz Papst provides an overview of North America’s second-oldest closed-end fund established in 1930, which is listed on both the Toronto and London stock exchanges. He discusses the trust’s strong long-term track record, highlighting that a C$10,000 investment in the fund fifty years ago would have grown to more than C$3,000,000. He elaborates on the fund’s investment approach, which is bottom up but also considers the macroeconomic environment, and its low turnover. He highlights that up to 25% of its portfolio may be held in US-listed businesses, which are primarily in niche operations or areas that are under-represented in the Canadian market. He summarizes the manager’s views on the current investment environment and its recent portfolio activity. Finally, he comments on the fund’s dividend policy (and the fact that it qualified as AIC’s next-generation dividend hero), gearing and discount to NAV.

***********************************************************

About ‘Uncovering Trusts’

'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.

About Edison:

Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.

Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides an overview of this specialist emerging markets trust which aims to generate an attractive long-term total return from a diversified portfolio of emerging market equities, primarily in the infrastructure, utility and related sectors. He outlines the four megatrends identified by ICM, the trust’s manager: social infrastructure, energy growth & transition, digital infrastructure, and global trade. He explains UEM’s focus on countries which exhibit positive attributes such as political stability, economic development, an acceptable legal framework, and an encouraging attitude to foreign investment. He highlights that the trust has recently become an AIC next-generation dividend hero. Finally, he elaborates on the trust’s discount to NAV.

***********************************************************

About ‘Uncovering Trusts’

'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.

About Edison:

Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.

Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, Chloe Wong, analyst at Edison Group, provides an overview of Baillie Gifford’s recent two-day Investment Trust Conference, entitled “The Next Chapter.” She begins by setting the macroeconomic context before highlighting Baillie Gifford’s continued commitment to its long-term, high-conviction investment approach, despite market volatility. Chloe then explores six key themes that emerged across the firm’s twelve listed trusts, including the importance of backing a small number of transformational winners, how organisational culture plays a role in identifying long-term leaders, and the growing relevance of private market exposure. She also discusses the firm’s contrarian optimism on Asia and Japan, and the role of diversification and dividend resilience in portfolio construction.

***********************************************************

About ‘Uncovering Trusts’

'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.

About Edison:

Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.

Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides an overview of specialist fund manager Polar Capital before moving onto a more detailed introduction to Polar Capital Global Financials Trust including its income and capital return objective. Listeners may not appreciate that financials is one of the largest global sectors, so we provide some context to the trust’s investment universe and what are the important considerations for potential investors. Milosz then takes a look at the trust’s portfolio including subsector exposures and important themes before highlighting some of the recent activity in the fund. He concludes by focusing on recent developments for the trust, namely a reduced fee structure and an enhanced dividend policy.

***********************************************************

About ‘Uncovering Trusts’

'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.

About Edison:

Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.

Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides a recap of the seven investment principles and proprietary Matrix used by the trust’s managers. He discusses the three growth buckets within the trust’s portfolio: resilient UK-only businesses, leading global businesses and companies growing via international expansion. He highlights that, at the current valuation levels, investors are only paying a modest premium to gain exposure to high-quality UK small-cap growth stocks despite a difficult, low growth economic environment. He also comments on the trust’s long-term record of outperformance versus its reference index and peers, as well as its more recent returns. Finally, he talks about the triple discount arising from low UK valuations vs other geographies, low UK small-cap valuations vs UK large-cap stocks, as well as the discount to NAV at which the trust’s shares currently trade.

***********************************************************

About ‘Uncovering Trusts’

'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.

About Edison:

Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.

Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/