Published by Kepler Partners
The Kepler Trust Intelligence Podcast features leading figures from across the investment trust sector, giving their take on the markets, investment ideas, and different closed-ended funds.
Listen on Apple PodcastsIn this episode, we speak to Alan Ray, Analyst at Kepler Trust Intelligence, about the investment case for Europe. We also run the rule over JEGI’s investment strategy and performance, as well as the rollover option into JPMorgan European Growth & Income for shareholders in the European Opportunities Trust. 00:00 Introduction 00:24 Overview of EOT transaction 03:35 What JEGI offers investors 05:49 JEGI’s dividend policy 08:33 JEGI’s investment approach 10:26 Key investment criteria 13:32 Investment case for European equities 18:57 Economic backdrop beyond Germany 21:22 Europe’s AI expertise 25:21 Further information 25:39 Risk warning Our latest note on JEGI Information on the trust - JEGI website Please note that this podcast was recorded on 23 July 2026.
Join Ryan Lightfoot-Aminoff, David Brenchley and guest presenter Josef Licsauer 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 the news, Ryan looks over the outcome of the Pacific Assets (PAC) strategic review, and why Schroder Asian Total Return (ATR) is about as close as a match as possible for shareholders. Elsewhere, IPO news continues to be positive, with Bending Spoons proving beneficial for both Schiehallion (MNTN) and Baillie Gifford European Growth (BGEU), as well as possible spillover effects for the private equity sector. Finally, he covers the result of the tender offer from Schroder UK Mid Cap (SCP) and the role of Saba Capital in this. David then picks up the SCP story and runs straight into their results for the six months to the end of March which proved quite a tough end point. Joe notes something similar when covering the results of Rockwood Strategic (RKW) with the trust’s full financial year running to the same date. This includes a look at what micro-cap holdings nearly doubled in the period and whether the trust’s premium rating held. Finally in results, Ryan runs through Cordiant Digital Infrastructure (CORD) and the long-awaited outcome of the Prague Gateway asset. Moving on to podcasts, Joe covers his namesake’s Trust Issues episode with Chris Berrier and Rob Furlong from Brown Advisory US Smaller Companies (BASC), including their views on the rally in small- and mid-caps in 2026 so far. Elsewhere in podcasts, David sat down with Matt Ridley from Greencoat UK Wind (UKW) covering a number of stories that have impacted the trust over the past few years. Next, Ryan takes on stat of the month duties, looking at why UK small companies yield more than large caps, and what this could mean for investor returns. Elsewhere in our regular features is the most popular investments in June which surprisingly wasn’t SpaceX. This then leads into a discussion of the SpaceX IPO and whether and members of the team have been brave enough to buy into the history-making stock. 00:00 Introduction 00:25 What’s to come 01:00 The outcome of PAC’s strategic review 02:55 Bending Spoons IPO winners 05:03 SCP resolves Saba issue 05:50 And SCP releases results 07:57 What were RKW’s winners 10:33 CORD results continue to impress 12:54 Summary of BASC’s podcast 15:39 Greencoat UK Wind’s dividend and future 18:49 Stat of the Month: UK small-cap income 20:43 Most bought trusts in June 21:48 Did anyone buy SpaceX? 27:12 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: https://www.trustintelligence.co.uk/investor/articles?fund_manager_id=37 This podcast was recorded on 08/07/2026.
In this episode of Trust Issues, we speak to Christopher Berrier, manager of Brown Advisory US Smaller Companies (BASC), and Rob Furlong, equity research analyst, about the investment case for US small-caps. We discuss the drivers of the US small-cap rally, portfolio changes, thoughts on AI and software services and M&A activity, amongst other things. 00:00 Introduction 00:41 Drivers of US small-cap rally 03:43 Portfolio changes versus the benchmark 09:00 Weighing up AI winners and losers 15:18 Impact of higher oil prices 21:33 M&A activity 26:22 Further information 26:35 Risk warning Our latest note on BASC - https://www.trustintelligence.co.uk/investor/articles?fund_id=172 BASC website - https://www.brownadvisory.com/intl/investment-trusts/brown-advisory-us-smaller-companies-plc Please note that this podcast was recorded on 18 June 2026.
Join Jo Groves, David Brenchley and Ryan Lightfoot-Aminoff 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. Before covering the news, David provides a quick update on space stories from last month, including the outcome of Seraphim Space (SSIT)’s C-share raise, and the impact of the impending SpaceX IPO on the results of Scottish Mortgage (SMT). This leads onto a small side quest to May’s most bought and sold trusts, which is dominated by space and semiconductors. Ryan then returns to our usual programming, with a look over the winners from the corporate activity in Alexander Darwall’s European Opportunities Trust (EOT), as well as the potential implications of changes for Nick Train’s Finsbury Growth Trust (FGT), including a new gearing and dividend strategy. Elsewhere, Ryan looks at some corporate activity for Schroder UK Mid Cap (SCP) with the introduction of a tender offer. Sticking with Schroders and the UK, David then touches on the results for Schroder Income Growth (SCF) which published its interims in the month and aims to build on the trust’s 30-year dividend growth track record. Elsewhere in results, Jo looks at the latest update from International Biotechnology Trust (IBT), which enjoyed a considerable NAV total return thanks to M&A and positive news flow. Also seeing strong near-term results was Schroder Oriental Income (SOI) which saw NAV total returns of over 35% in just six months to the end of February 2026. This was largely due to tech stocks, which are becoming of increasing importance to the Asian region. Moving onto podcasts, and Jo runs over the highlights of her conversation with Rebekah McMillan of Neuberger, which includes her views on US large caps, emerging markets and the future on the future of the 60:40 portfolio. Elsewhere in podcasts, David sat down with Majedie Investment (MAJE)’s David Cornell to discuss their strategy, including their approach, outlook on markets and what to expect going forward. Finally, Ryan covers his missed stat of the month from April, with an analysis of Intel’s share price which has finally risen above its peak prior to the bursting of the dot com bubble. This includes looking at the benefits of diversification, as well as the impact of dividends on total returns. 00:00 Introduction 00:26 What’s to come 01:16 Update on Seraphim fundraise & SMT’s SpaceX gain 02:41 Most bought trusts 03:43 Outcome of EOT strategic review 05:21 Changes at Finsbury Growth 08:08 Updates from SCP 09:09 Results from Schroder Income Growth 11:20 IBT’s very strong gains 13:19 What drove SOI’s strong returns 15:46 Market Matter review with NB’s Rebekah McMillan 18:23 Review on MAJE and outlook 21:14 Stat of the month on Intel’s comeback 24:03 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 03/06/2026.
In this episode of Trust Issues, we speak to Matt Ridley, partners at Schroders Greencoat and co-manager of Greencoat UK Wind (UKW). Matt explains what UKW invests in, how it invests and how it manages its wind farm assets, and outlines some of the supportive tailwinds for the wind industry - including artificial intelligence. He also discusses the pushback we've seen from some quarters on the route to net zero, as well as how UKW hopes to get back to making new investments. 00:00 Introduction 01:34 What does UKW invest in? 02:27 How cyclical through the year is UKW's power generation? 03:43 How UKW makes money from the wind farms it owns 05:40 How UKW's wind farms are valued 07:02 UKW's inflation-linked dividend 08:30 Why renewables trusts bond proxy moniker is out of date 11:00 The risks of investing in wind farms 12:25 The impact of government policy changes on UKW 14:35 Why demand for data centres provides tailwinds for UKW 18:14 How UKW thinks about capital allocation 20:46 Why this year is the right time to make a disciplined return to new investments 22:23 Further information 22:46 Risk warning Please note that this podcast was recorded on 1 June 2026.
In this episode of Trust Issues, we speak to David Cornell, investment director at Marylebone Partners, which is now a part of Brown Advisory and manages Majedie Investments (MAJE). David explains MAJE’s liquid endowment strategy, talks us through the kinds of investments it owns and how it selects them, before discussing where the team is seeing value today and why he thinks that owning the haystack is no longer the most sensible investment strategy. 00:00 Introduction 01:18 What Marylebone Partners does and how it manages its clients’ money 02:57 What is a liquid endowment strategy? 06:16 The investment assets that make up MAJE’s portfolio 09:18 Examples of the kinds of external strategies MAJE invests in 12:05 MAJE’s public equities and special investment sleeves 15:58 How MAJE chooses the managers in which it invests 18:45 Why investors could consider MAJE for a slice of their portfolio 21:56 Potential reasons MAJE’s discount has narrowed 24:43 Where are MAJE’s managers seeing value in markets recently? 26:26 Further information 26:46 Risk warning Please note that this podcast was recorded on 1 May 2026.
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 Rebekah McMillan, associate portfolio manager at Neuberger. We talk through cover a wide range of topics including the forces driving gold and silver higher, why copper and uranium could be the defining metals of the energy transition and whether the long-awaited rotation into commodities is finally becoming a reality. 00:00 Introduction 00:34 Career path 02:05 Key overweights and underweights 04:02 Vulnerability to rising oil prices 06:56 Can the S&P 500 keep rising? 08:58 The Magnificent Seven and AI capex 13:10 Opportunities in emerging markets 14:37 Investment case for China 15:50 Outlook for Japan 17:28 Thoughts on the UK and Europe 19:29 Deficits and role of sovereign debt 20:39 Is the 60/40 portfolio still relevant? 21:55 Gold and commodities outlook 23:22 Investment case for private markets 25:36 Best investment advice 26:21 Risk warning Please note that this podcast was recorded on 18 May 2026.
Join Jo Groves, David Brenchley and guest presenter Thomas McMahon from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in March, brought to you in association with Schroders. In the news, Thomas looks at the prospects for Seraphim Space’s (SSIT) bumper fundraise with plans to raise up to £350m by way of a C share. This leads onto news of Scottish Mortgage (SMT) also issuing shares, largely as a result of the impact of SpaceX on performance and commentary of what these raises say about the health of the sector. Elsewhere, David picks over the impact of more government policy changes in the renewables space, and what impact this will have on Greencoat UK Wind’s (UKW) NAV and dividend. Jo then takes on the monthly Saba update, wrapping up what is happening with the Edinburgh Worldwide (EWI) and Impax Environmental Markets (IEM) situations. Going into results, Thomas looks over Vietnam Enterprises (VEIL) and their strong year in absolute terms, as well as running through the compelling growth story for the country. Elsewhere in Asia, Jo looks over the half year results for Schroder Japan (SJG), identifying the key drivers of performance and noting the high dividend, before turning her attention to the discount which has inexplicably widened. Thomas then runs through the results of BlackRock Latin America (BRLA) and how the trust managed a 44% NAV return Moving to podcasts, David runs through his chat with Liontrust’s Sharmin Rahman, including the outlook for the both the high-yield sector and markets more generally. Then, in an orbital moment, David looks at the stat of the month, which focuses on the outstanding performance of ‘unicorns’, private companies over $1bn in value, which includes a number of space related companies. This then leads into a debate between our the team on their approach to space investing to close the show. 00:00 Introduction 00:27 What’s to come 00:59 Seraphim’s fundraise 02:38 Scottish Mortgage share issuance 04:42 Govt policy changes for UKW 06:08 Saba update on IEM and EWIT 07:40 Results from Vietnam’s VEIL 10:23 Schroder Japan’s strong results 12:19 BRLA’s bumper results 14:29 High yield podcast summary 16:03 Stat of the month & unicorn success 17:48 Debate on space investing 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 06/05/2026.
Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios. In this month's episode, our guest is Sharmin Rahman, an investment manager specialising in fixed income for Liontrust and fund manager on the Liontrust GF High Yield Bond fund. We discuss all things high-yield bond and fixed income, thoughts on the indiscriminate sell-off in software names, how the quality of the high-yield space has improved over the years and investors should put more emphasis on sell discipline. 00:00 Introduction 00:56 Background to becoming a fund manager 04:30 Thoughts on the software sell off in credit 06:16 Why investors shouldn't be trying to time the market now 08:07 Why we will still see interest rate cuts despite higher energy prices 09:15 Why artificial intelligence companies are tapping credit markets 11:07 How high yield differs from investment grade credit 12:14 How the high-yield asset class has changed over the years 13:27 Where Sharmin is seeing the best opportunities at the moment 17:32 The role high-yield plays in an investor's portfolio 19:52 Will private credit troubles spill into the public markets? 23:39 Best piece of investment advice 25:01 Further information 25:23 Risk warning Please note that this podcast was recorded on 16 April 2026. Our latest market insights: https://www.trustintelligence.co.uk/investor/articles
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 March, brought to you in association with Schroders. In the news, Ryan looks at the impact of manager changes at the highly successful Golden Prospects Precious Metals (GPM), Geiger Counter (GCL) and CQS Natural Resources Growth & Income (CYN) trusts. Next, he summarises the fee changes at Alliance Witan (ALW) and STS Global Income & Growth (STS), before briefly running through the updates of the Saba saga on Edinburgh Worldwide (EWI) and Impax Environmental Markets (IEM). Onto results, and we start with a brief overview of the annual results of Schroder Asian Total Return (ATR) including looking at what their macro indicators were saying ahead of the market volatility this year. Elsewhere, David looks at Octopus Renewables Infrastructure (ORIT)’s results and whether the increase in energy prices will lead to a change in the trust’s revenue outlook. In this month’s final set of results, Jo looks at BlackRock World Mining (BRWM) and summarises how they have achieved such high returns. In a well-timed moved, BRWM’s manager Olivia Markham was our guest on the Market Matters podcast this month, allowing Jo to also summarise her thoughts on the wider sector including the outlook for gold. Next up, David talks through his highlights of his Ashoka India Equity (AIE) podcast, discussing why India has suffered and whether this affects the outlook for the country. In light of this, the team discuss their thoughts on India and reveal who has been brave enough to add to their exposure. Jo takes her turn for stat of the month discussing a Bank of America Merrill Lynch survey as to whether the period of US exceptionalism has peaked following rising geopolitical risks including what sectors this has led to a rotation to, and from. 00:00 Introduction 00:22 What’s to come 00:51 GPM, GCL & CYN manager changes 02:17 Fee cuts for ALW and STS 03:42 Saba approaches an IEM and EWI endgame 05:06 ATR’s results 06:44 ORIT’s results and dividend outlook 08:29 BRWM’s strong results 09:36 Olivia Markham’s thoughts on gold 12:50 AIE’s insights on India’s issues 15:17 India discussion 19:13 Stat of the month & US rotation 20:23 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 07/04/2026.
In this episode of Trust Issues, we speak to Ayush Abhijeet, investment director at WhiteOak Capital Partners, the investment advisor to Ashoka India Equity (AIE). Ayush talks us through the reasons why the Indian stock market has been going through a period of weakness, what catalysts could cause a recovery and why, despite the difficult backdrop, Indian companies remain committed to initial public offerings. Ayush also tells us how AIE's knowledge and expertise enables management to take advantage of this through pre-IPO investing. 00:00 Introduction 01:37 Why has India's stock market underperformance other emerging markets in recent months? 04:52 Who owns Indian equities and why is this dynamic important? 06:50 Why Indian households are diversifying away from gold and real estate and into stocks 09:04 Are you seeing value emerging in Indian markets? 11:53 How much does WhiteOak's experienced, on-the-ground team benefit AIE? 13:52 Why India's IPO market is thriving and how this benefits AIE 17:30 Potential drivers of a possibly powerful recovery in the Indian equity market 20:22 Why AIE is well-placed to capitalise on these drivers 22:25 How AIE focuses on economic cashflows to derive a company's valuation and compare relative valuations 24:14 Balancing high active share with diversification 27:27 Further information 27:51 Risk warning Our latest note on AIE - https://www.trustintelligence.co.uk/investor/articles?fund_id=397 AIE website - https://www.ashokaindiaequity.com/ Please note that this podcast was recorded on 23 March 2026.
Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios. In this month's episode, our guest is Olivia Markham, manager of BlackRock World Mining. We cover a wide range of topics including the forces driving gold and silver higher, why copper and uranium could be the defining metals of the energy transition and whether the long-awaited rotation into commodities is finally becoming a reality. 00:00 Introduction 00:32 Background to fund management 01:40 Key drivers of the gold rally 03:24 Impact of issues in Middle East 05:05 Physical ETFs vs mining equities 07:03 Outlook for gold prices 07:57 Silver: gold's shadow v industrial drivers? 09:25 Is copper the new oil? 12:07 Investment case for uranium 14:23 Commodity demand in China 16:41 M&A in the mining sector 20:02 Rotation into commodities 23:10 Best investment advice 24:57 Risk warning Please note that this podcast was recorded on 20 March 2026.
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. In the news, Ryan looks over the corporate activity in the year, including the proposed combination of BlackRock Throgmorton (THRG) and BlackRock UK Smaller Companies (BRSC). Elsewhere, he looks at the potential outcomes for European Opportunities (EOT)’s strategic review, before a quick update on Impax Environmental Markets (IEM)’s ongoing battle with Saba. Meanwhile, David recaps the Greencoat UK Wind (UKW) results, looking at both the positives and negatives, whilst Ryan summarises the results of BlackRock Energy and Resource Income (BERI)’s latest year, which involves another year of strong outperformance. Over in podcasts, Jo runs through her conversation with Baillie Gifford’s Lucie Majstrova, including the growth trajectory of SpaceX, the potential for Anthropic’s AI disruption and why companies are taking longer to go public. Next up, David talks through his highlights of his Ashoka Whiteoak Emerging Markets (AWEM) video, including how they balance both their India and China exposures. Meanwhile, Jo summarises her conversation with Randy Sandstrom of Sequioa Economic Infrastructure (SEQI), including why the investment trust structure is a great way of accessing the private credit space, and where the best opportunities lie at present. David takes his turn for stat of the month, with some interesting data on the concentration of emerging markets winners, as well as how he used this information to consider some new portfolio allocations. Finally, we look at which companies and trusts make the AJ Bell’s ISA millionaire list, which includes a usual suspect as well as a number of UK equity income trusts. 00:00 Introduction 00:22 What’s to come 00:44 THRG’s and BRSC’s proposed combination 03:50 European Opportunities strategic review 05:09 IEM’s open letter to Saba 06:28 Ups and downs from UKW results 09:33 BERI benefits from flexibility 10:50 Baillie Gifford on SpaceX & Anthropic 13:27 Highlights from AWEM’s video 16:08 What SEQI offers in private credit 17:55 Stat of the month: Asia’s attribution 20:55 Most bought trusts 21:34 ISA millionaire ownership 23:43 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 03/03/2026.
In this month’s episode, our guest is Lucie Majstrova, investment specialist for private companies at Baillie Gifford. We discuss a range of topics including the investment case for private companies, why companies are staying private for longer, her thoughts on Anthropic and the most compelling opportunities across private markets. 00:00 Introduction 00:34 Background to asset management 01:28 Investment case for private companies 03:31 What is growth capital 05:06 Why companies are staying private 07:44 Potential IPOs of private companies 08:26 Misconceptions around growth equity 11:16 Thoughts on Anthropic and AI labs 13:58 Growth trajectory of SpaceX 16:44 Benefit of investment trust structure 18:27 Most exciting opportunities 19:49 Risk warning Please note that this podcast was recorded on 11 February 2026.
In this episode of Trust Issues, we speak to SEQI’s Randall Sandstrom about the investment case for infrastructure debt, including recent performance, exposure to data centres and the most compelling opportunities across the sector. 00:00 Introduction 00:43 What SEQI offers investors 06:27 Recent performance 10:03 Exposure to data centres 12:00 Green flags for investment 14:30 Sensitivity to interest rates 16:59 Level of construction risk 18:56 Most compelling opportunities 20:44 Further information 21:00 Risk warning Our latest note on SEQI - https://www.trustintelligence.co.uk/investor/articles?fund_id=1742 SEQI website - https://www.seqi.fund/ Please note that this podcast was recorded on 11 February 2026.
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, brought to you in association with Schroders. In the news, David talks through what the recent changes in government policy could have on Greencoat UK Wind (UKW) and how this changes their dividend outlook. Elsewhere Ryan runs the rule over some corporate activity, including the proposed combination of Aberdeen Equity Income (AEI) and Shires Income (SHRS) as well as a sizeable tender offer at Vietnam Enterprises (VEIL). Meanwhile, the Saba saga rumbles on, although Ryan discusses whether Herald (HRI) and Impax Environmental Markets (IEM) have found a way of dealing with the activist once and for all, whilst David recaps the outcome of the Edinburgh Worldwide (EWIT) and Saba battle, following on from last month’s mention. Elsewhere in the news, Ryan runs through recent comments from AVI (AGT) over the performance of HarbourVest. Over in podcasts, Jo runs through her conversation with Emily Fletcher of BlackRock Frontiers (BRFI) including the opportunities in the asset class and how they are dealing with trade and tariffs. Similarly in emerging markets, David talks through his highlights of his Ashoka Whiteoak Emerging Markets (AWEM) podcast, including the outlook for India and their nuanced take on China exposure. Returning closer to home, Jo summarised her conversation with Rockwood Strategic (RKW)’s Richard Staveley and his thoughts on everything from valuations to M&A. In the same vein, David spoke to Alexandra Jackson of Rathones to get her thoughts on the opportunity set in UK mid-caps, and what sectors she is most excited about. Sticking with the UK, Ryan introduced the new “Stat of the month” section where he identified a remarkable pick up in UK IPOs and what this means for the outlook of the UK and Schroder UK Mid Cap (SCP). Finally, Jo and David went head-to-head on their portfolios, seeing who came out in the second half of 2025. Despite sharing top honours with International Biotech (IBT), would an allocation to BlackRock World Mining (BRWM) or Fidelity China Special Situations (FCSS) pip one or the other to the lead position? 00:00 Introduction 00:21 What’s to come 00:50 ROC’s impact on UKW’s dividend 03:20 Equity income peers merge 04:51 VEIL’s corporate activity 05:35 An endgame for Saba? 08:09 AVI target HarbourVest 09:27 EWIT vs Saba outcome 11:24 BRFI’s offering 13:44 Highlights from AWEM’s podcast 15:34 What is the outlook for RKW? 17:43 Stat of the month: UK IPOs 20:06 In conversation with Rathbone’s Alexandra Jackson 21:42 Head-to-head portfolio analysis 24:00 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 04/02/2026.
In this episode of Trust Issues, we speak to Emily Fletcher, manager of BlackRock Frontiers, about the investment case for frontier and emerging markets, including recent performance, portfolio allocations, navigating through geopolitical issue and the most exciting opportunities across the sector. 00:00 Introduction 00:38 How BRFI differs from other funds 02:24 What BRFI offers investors 03:52 Sourcing opportunities 05:37 Navigating geopolitical risk 11:44 Managing liquidity 13:06 Thoughts on performance 15:17 Income generation 16:51 Case for Saudi Arabia and the UAE 20:05 Balance of export v domestic growth 21:38 Exposure to smaller markets 23:38 Thoughts on current valuations 24:38 Key drivers over next year 25:28 Further information 25:46 Risk warning Our latest note on BRFI - https://www.trustintelligence.co.uk/investor/articles?fund_id=12 BRFI website - https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-frontiers-investment-trust/trust-information Please note that this podcast was recorded on 14 January 2026.
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 Alexandra Jackson, manager of the Rathbone UK Opportunities fund, which invests in UK mid-cap companies. In this episode, Alexandra talks us through her route to becoming a fund manager, in which sector she thinks the UK stock market's stardust resides, why the picture for UK plc and our economy isn't as bad as some think, and riding the highs and lows of her best and worst investment. 00:00 Introduction 00:58 Background to becoming a fund manager 04:42 What's surprised Alexandra most about the stock market this year 06:46 Reasons why the UK outperformed in 2025 and will performance broaden in 2026? 11:37 How the dividend yield of UK mid caps could draw 'tourist' investors into the market 12:45 Views on the health of the UK stock market 15:25 What more the government could do to reinvigorate the UK stock market 17:06 Painting a positive picture of the UK economy 20:08 Winners and losers from the artificial intelligence boom 21:37 Parts of the UK stock market to be wary of 22:13 The UK stock market's stardust sector 24:05 Alexandra's best and worst investments and the lessons learned from them 26:01 Best piece of investment advice 27:13 Further information 27:31 Risk warning Please note that this podcast was recorded on 28 January 2026. Our latest market insights: https://www.trustintelligence.co.uk/investor/articles More information on the Rathbone UK Opportunities fund: https://www.rathbones.com/en-gb/asset-management/financial-intermediary/equities/rathbone-uk-opportunities-fund
In this episode of Trust Issues, we speak to Richard Staveley, manager of Rockwood Strategic, about the investment case for UK small-caps, including recent performance, the catalysts for a rally in UK small-caps, the outlook for M&A and the most exciting opportunities across the sector. 00:00 Introduction 00:39 Performance in 2025 05:33 Catalysts for a small cap rally 09:39 Valuations and stock selection 13:33 Outlook for M&A 18:12 What makes Rockwood different 22:08 Further information 22:27 Risk warning Our latest note on RKW - https://www.trustintelligence.co.uk/investor/articles?fund_id=1610 RKW website - https://www.rockwoodstrategic.co.uk/ Please note that this podcast was recorded on 27 January 2026.
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 December, brought to you in association with Schroders. In news, David summarises round two in the Edinburgh Worldwide (EWIT) Saba battle, before Ryan provides a quick summary of the aborted HICL/TRIG merger, as well as running the rule over what is happening with Chrysalis (CHRY), and what implications this could have for other trusts in the growth capital sector. Meanwhile, in the results of the last month, Ryan looks at Schroder AsiaPacific (SDP), which saw another year of double digits returns, as well as running the rule of Schroder British Opportunities’ (SBO) first period under its new mandate. Elsewhere, Jo dives into the good results of Sequoia Economic Infrastructure (SEQI) and what drove them, before handing back to Ryan for a similar summary of some stellar results from Fidelity China Special Situations (FCSS). Going back to infrastructure, Jo provides an overview of her chat with Steven Marshall of Cordiant Digital Infrastructure (CORD), including a run down of current valuations, and a brief update on their exciting data centre projects. Elsewhere, David summarises his interview with Deirdre Cooper, who manages Ninety One Global Environment. This included an interesting discussion about the future of net zero and why the best opportunities could be found in China. And finally, Jo reviews the most bought and sold trusts which is topped by a familiar name in Scottish Mortgage (SMT). However, has the revaluation of SpaceX meant SMT has breached the trust’s own limit on private companies? Whilst elsewhere, the surge in gold led to a rapid climb up the charts for BlackRock World Mining (BRWM), and a surprise return for Greencoat UK Wind (UKW). 00:00 Introduction 00:21 What’s to come 00:51 Edinburgh Worldwide vs Saba 03:40 HICL/TRIG merger cancellation 06:08 CHRY goes into run off 09:36 SDP results 11:14 SBO results 12:26 SEQI results 13:19 FCSS results and how that fits with our recent piece 15:38 CORD’s data centre development 17:04 Deidre Cooper's review of net zero and China opportunities 18:47 The most bought and sold shares and trusts 19:31 The consequences of SMT’s SpaceX revaluation 20:40 Risers and new entrants on the list 21:36 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 14/01/2026.