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. 23 APR

    Market Matters featuring Sharmin Rahman from Liontrust

    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

    26 min

  2. 13 APR

    Monthly Roundup: Top performing managers leave, BlackRock's gold view and who's buying India?

    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.

    21 min

  3. 1 APR

    Trust Issues: investing in Indian equities with AIE's Ayush Abhijeet

    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.

    29 min

  4. 26 MAR

    Market Matters with Olivia Markham from BlackRock World Mining

    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.

    26 min

  5. 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

  6. 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

  7. 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

  8. 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
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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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