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. 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

  2. 15/12/2025

    Monthly Roundup: Can UKW maintain its dividend, IBT rides the biotech rally and why buy Temple Bar?

    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 November, brought to you in association with Schroders. In news, Ryan provides an update on the implication of the government consultation on renewable energy subsidies to infrastructure trusts such as Greencoat UK Wind (UKW). He also takes us through what investors can expect from the Invesco Global Equity Income (IGET) and Franklin Global Trust (FGT) tie-up, including the potential impact on fees, in addition to the move to an OEIC structure for Smithson (SSON). This month’s results included double-digit returns for Schroder Oriental Income (SOI), alongside a return to outperformance for Schroder UK Mid Cap (SCP). Meanwhile, Jo covers the highlights of International Biotechnology (IBT) results, including its stellar returns post year-end. We also chat through our recent podcast with IBT manager Ailsa Craig, including rare disease exposure and their M&A hit rate. David pulls out the key takeaways from his Market Matters podcast with Chloe Smith from Sanford Deland, including the latest Berkshire Hathaway annual meeting for Warren Buffett fans, and the opportunity in UK small-caps. Next, Jo talks us through some of the key talking points from her podcast with Fidelity Asian Values (FAS) manager Nitin Bajaj, and why Asian small-caps have outperformed the large-cap Magnificent Seven proxy plays. David faces a grilling on his portfolio, including whether it’s time to scale down his AI exposure, followed by our regular feature on most bought and sold trusts. Once again Scottish Mortgage (SMT) took top honours, alongside Polar Capital Technology (PCT), but we also run the rule over the barnstorming returns from Temple Bar (TMPL), including why it’s a stalwart of David’s portfolio. 00:00 Introduction 00:25 Coming up on the podcast 00:55 Latest on HICL & TRIG merger 01:40 Changes to renewable subsidies 02:27 Response by UKW 04:00 Merger of FRGT & IGET 05:53 Change of structure at SSON 07:55 SOI’s results & near dividend hero status 09:46 Outperformance by SCP 11:14 IBT’s stellar results 12:38 Highlights of podcast with Ailsa Craig 14:09 Chloe Smith on Warren Buffett and small-caps 16:11 FAS’ Nitin Bajaj on Asian small-caps 17:32 Thoughts on portfolio allocations 18:59 The most bought and sold shares and trusts 19:56 Thoughts on Temple Bar 23:01 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 3 December 2025.

    24 min

  3. 12/12/2025

    Trust Issues: Investing in digital infrastructure with CORD’s Steven Marshall

    In this episode of Trust Issues, we speak to Steven Marshall, Chairman of Cordiant Digital Infrastructure, about the investment case for the digital infrastructure sector, including capturing the AI opportunity, the new Prague Gateway development and the key drivers behind the trust’s outperformance. 00:00 Introduction 00:40 Buy, build & grow philosophy 02:21 Importance of operational control  03:23 Skin in the game 04:21 Capturing upside in AI 08:12 Prague Gateway development 10:40 Key opportunities in fibre 12:36 The future of broadcast infrastructure 16:54 Drivers of outperformance 19:40 Financing future growth 21:08 Overview of investment case 23:36 Further information 23:56 Risk warning Our latest note on CORD - https://www.trustintelligence.co.uk/investor/articles?fund_id=1808  CORD website - https://www.cordiantdigitaltrust.com/  Please note that this podcast was recorded on 3 December 2025.

    25 min

  4. 09/12/2025

    Market Matters: Featuring Chloe Smith from Sanford DeLand

    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 Chloe Smith, fund manager at Sanford DeLand Asset Management. Chloe joined Sanford Deland in October 2021, initially as an investment analyst and is now co-manager on the TM SDL UK Buffettology and TM SDL Free Spirit funds. In this episode, Chloe tells us why moving to London isn’t the be-all and end-all to a career in finance, what she’s learnt from Warren Buffett and attending the Berkshire Hathaway annual meeting in Omaha, and why UK companies have managed to grow at fast rate despite low UK economic growth. 00:00 Introduction 01:14 Background to becoming a fund manager 05:53 Becoming a Buffettologist 07:02 Reflections on attending Berkshire Hathaway’s AGM 08:24 Reinforcing the importance of long-term investing 09:11 Which of Warren Buffett’s principles are SDL’s funds run on? 11:42 What has surprised you about the stock market in 2025? 13:56 Navigating the challenging UK stock market 16:27 Are you worried about the de-equitisation of the UK stock market? 18:12 How do you engage with companies subject of M&A? 19:34 The outlook for the UK economy and stock market 23:38 What would cause a re-rating of the UK stock market? 26:06 Where in the UK market are you positive? 28:06 Which companies will benefit from artificial intelligence? 29:04 Further information 29:21 Risk warning Please note that this podcast was recorded on 28 November 2025. Our latest market insights: https://www.trustintelligence.co.uk/investor/articles/category/strategy-investor

    30 min

  5. 05/12/2025

    Trust Issues: Investing in the mining sector with BRWM’s Olivia Markham

    In this episode of Trust Issues, we speak to Olivia Markham, manager of BlackRock World Mining, about the investment case for the mining sector, including gold’s record-breaking run, demand for copper, M&A and the most compelling opportunities across the sector. 00:00 Introduction 00:36 Drivers of recent performance  02:00 Outlook for gold prices 03:13 Valuations of gold miners 04:21 Long-term drivers of copper demand 06:06 Slowing demand from China 07:10 Benefit of active exposure 08:27 Likely increase in capex 09:57 Outlook for dividends 11:09 Navigating tariffs 12:57 Impact of resource nationalism 13:52 M&A in the sector 15:18 Most compelling opportunities 17:18 Further information 17:36 Risk warning Our latest note on BRWM - https://www.trustintelligence.co.uk/investor/articles?fund_id=5  BRWM website - https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-world-mining-investment-trust/trust-information   Please note that this podcast was recorded on 10 October 2025.

    18 min

  6. 04/12/2025

    Investing in Asia with FAS’ Nitin Bajaj

    In this episode of Trust Issues, we speak to Nitin Bajaj, manager of Fidelity Asian Values, about the investment case for the Asia equity sector, including recent performance, managing political noise and finding the most compelling opportunities across the sector. 00:00 Introduction 00:38 Providing differentiated exposure to Asia 04:07 Evaluating investments  05:54 Narrowing down the universe 08:59 Managing downside risk 10:00  Current portfolio allocations 11:25 Allocations in China 14:05 Opportunities in Indonesia 14:35 Rationale for holding TSMC 17:45 Drivers of outperformance 19:11 Navigating tariffs & trade  19:55 Key drivers over next year 20:28 Further information 20:45 Risk warning Our latest note on FAS - https://www.trustintelligence.co.uk/investor/articles?fund_id=405  FAS website - https://investment-trusts.fidelity.co.uk/fidelity-asian-values/  Please note that this podcast was recorded on 25 November 2025.

    22 min

  7. 17/11/2025

    Trust Issues: Investing in the biotech sector with IBT’s Ailsa Craig

    In this episode of Trust Issues, we speak to Ailsa Craig, manager of International Biotechnology Trust, about the investment case for the biotech sector, including recent performance, M&A, managing political noise and finding the most compelling opportunities across the sector. 00:00 Introduction 00:42 Key drivers of NBI movements 03:00 Thoughts on outperformance  05:12 Current portfolio allocations 07:28 Most attractive valuation opportunities 09:03 Private market exposure 09:47 Opportunity in China 11:14 Current gearing  12:11 Navigating political noise 16:57 Drivers of M&A 19:52 Thoughts on recent premiums 20:32 Identifying takeover targets 20:59 Most exciting developments 23:03 Further information 23:18 Risk warning Our latest note on IBT - https://www.trustintelligence.co.uk/investor/articles?fund_id=2  IBT website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/international-biotechnology-trust/  Please note that this podcast was recorded on 11 November 2025.

    24 min

  8. 12/11/2025

    Monthly Roundup: Why is SMT popular, can biotech M&A continue and who thinks it’s an AI bubble?

    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 October, brought to you in association with Schroders.  In news, Ryan looks at whether the rollover into an active ETF could indicate a future for the asset class, as well as a re-entry from Saba into the lowly valued smaller companies sector. Plus, we look at what the recent flurry of takeouts for International Biotechnology (IBT) could mean for the future of sector. The results of the month had a strong Asian flavour, with the introduction of some shareholder friendly measures from Pacific Assets (PAC), another stellar Ashoka India (AIE) year as well as how corporate governance reforms have supported Schroder Japan (SJG). Elsewhere, David looks at Octopus Renewables Infrastructure (ORIT)’s recent results and their plan for the next five years. Next, Jo reviews her podcast with Emily Fletcher of BlackRock Frontiers (BRFI) and why the market offers correlation benefits, before going on to recap her chat with Olivia Markham of BlackRock World Mining (BRWM) in light of the remarkable gold run. These two podcasts are interspersed with David’s summary of his discussion with Andrew Zimmermann of Molten Ventures (GROW), including running the rule of the exciting investment themes in the portfolio. Meanwhile, David also picks out the highlights from his asset allocators piece, including whether they think we’re in a bubble and how investors can mitigate the risks of one. Returning to our regular features of most bought and sold trusts, we look at a couple of newcomers onto the list which is again led by Scottish Mortgage (SMT), which our team discuss the merits of and perhaps the surprising reason Ryan doesn’t own it… 00:00 Introduction  00:25 What’s to come 00:52 Middlefield’s Active ETF 02:52 Saba re-enters MTU 05:39 IBT’s M&A bonanza 07:50 PAC’s results & shareholder friendly measures 10:31 AIE’s stellar annual results 12:48 SJG results among corporate governance changes 14:07 ORIT’s results and five-year plan 15:50 BRFI’s frontier market opportunities  17:09 Andrew Zimmerman on GROW and Europe’s VC opportunities  19:33 BRWM and the gold rise 21:06 Our asset allocators’ views on the AI bubble  22:41 The most bought and sold shares and trusts 24:18 Why is SMT popular? 28:39 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 05/11/2025.

    29 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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