Kepler Trust Intelligence Podcast

Kepler Partners
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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.

  1. 6 MAR

    Monthly Roundup: Growth of SpaceX, UKW’s dividend cover and what’s popular with ISA millionaires?

    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.

    24 min

  2. 26 FEB

    Market Matters with Lucie Majstrova from Baillie Gifford

    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.

    21 min

  3. 16 FEB

    Trust Issues: Investing in infrastructure debt with SEQI’s Randall Sandstrom

    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.

    22 min

  4. 10 FEB

    Monthly Roundup: UKW changes dividend, portfolio head-to-head results and has Saba been snookered?

    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.

    25 min

  5. 10 FEB

    Trust Issues: Investing in frontier markets with BRFI’s Emily Fletcher

    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.

    27 min

  6. 9 FEB

    Market Matters: Featuring Alexandra Jackson from Rathbones

    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

    28 min

  7. 3 FEB

    Trust Issues: Investing in UK small caps with RKW’s Richard Staveley

    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.

    23 min

  8. 20 JAN

    Monthly Roundup: Net zero's future, growth capital opportunities and has SMT breached its rules?

    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.

    22 min
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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.

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