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. 5 DAYS AGO

    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

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 16 JAN

    Trust Issues: Investing in emerging markets with AWEM's Hiren Dasani

    In this episode of Trust Issues, we speak to Hiren Dasani, portfolio manager for Ashoka WhiteOak Emerging Markets Trust (AWEM), to talk about the outlook for emerging markets, after a strong 2025, what AWEM’s portfolio looks like today and how AWEM chooses companies in which to invest. 00:00 Introduction 01:14 Why emerging markets had such good performance in 2025 03:37 How AWEM distinguishes true quality companies from quality traps 06:31 Why AWEM prefers investing in non-state-owned enterprises 10:20 AWEM's overweight to developed market stocks that derive revenue from emerging countries 14:01 How AWEM invests in China and the outlook for Chinese stock markets 17:12 AWEM's advantage when investing in India and the outlook for Indian companies 21:17 How AWEM is finding opportunities in Poland 22:57 The outlook for AWEM's high-quality portfolio 25:37 AWEM's unique fee structure and aligning the interest of shareholders and management 27:32 What does the long-term horizon look like for emerging markets - has performance turned the corner? 32:21 Further information 32:40 Risk warning Our latest note on AWEM - https://www.trustintelligence.co.uk/investor/articles?fund_id=1874 AWEM website - https://www.awemtrust.com/ Please note that this podcast was recorded on 12 January 2026.

    34 min

  8. 24/12/2025

    Market Matters: Featuring Deirdre Cooper from Ninety One

    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 Deirdre Cooper, head of sustainable equity at Ninety One. Deirdre co-manages Ninety One's Global Environment strategy, investing in companies enabling the transition to a low-carbon economy to capture the structural growth driven by decarbonisation. In this episode, Deirdre talks about her introduction to sustainable investment, why the drive towards electrification and decarbonisation has moved from West to East, and why now might be the perfect time to start looking at sustainable investments. 00:00 Introduction 01:10 Background to becoming a fund manager 02:52 Why Ninety One? 04:17 How the strength of the AI theme has surprised Deirdre 06:05 How Ninety One Global Environment provides diversification to portfolios 07:46 How artificial intelligence investments impact the climate solutions universe 09:47 Why most of the assumptions around net zero have been proven to be wrong 12:06 How emerging markets are leading on electrification and decarbonisation 14:55 Why sustainable investors should focus more on inclusion than exclusion 16:03 The risk around interest rates and debt sustainability 16:49 How Ninety One Global Environment chooses companies to invest in 18:22 The investment opportunities in the Chinese stock market 21:00 Why now is an interesting time to start looking at sustainable investments 22:42 Further information 23:02 Risk warning Please note that this podcast was recorded on 17 December 2025. Our latest market insights: https://www.trustintelligence.co.uk/investor/articles/category/strategy-investor Insights from the Ninety One Global Environment team: https://ninetyone.com/en/united-kingdom/funds-strategies/funds/global-environment-s-acc-gbp-gb00bkt89n06?tab=Literature

    24 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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