Uncovering Trusts by Edison Group

In this episode, our director of content, investment trusts Milosz Papst provides an overview of specialist fund manager Polar Capital before moving onto a more detailed introduction to Polar Capital Global Financials Trust including its income and capital return objective. Listeners may not appreciate that financials is one of the largest global sectors, so we provide some context to the trust’s...

In this episode, our director of content, investment trusts Milosz Papst provides a recap of the seven investment principles and proprietary Matrix used by the trust’s managers. He discusses the three growth buckets within the trust’s portfolio: resilient UK-only businesses, leading global businesses and companies growing via international expansion. He highlights that, at the current valuation le...

In this episode, our director of content, investment trusts Milosz Papst outlines a value accretion roadmap for IP Group, which invests in unlisted technology businesses across life sciences, deeptech and cleantech. The roadmap covers important milestones across IP Group’s portfolio as potential indicators of positive momentum. He highlights IP Group’s solid recent realisation activity. He also co...

In this episode, our director of content, investment trusts Milosz Papst covers the recent developments across private equity and how investors can leverage Patria Private Equity Trust to gain exposure to this market. He talks about PPET’s focus on the European mid-market and its bias towards less cyclical sectors, such as IT, healthcare and consumer staples. He summarises the trust’s strong long-...

In this episode, our director of content, investment trusts Milosz Papst discusses the recent developments at Baker Steel Resources Trust, which pursues a bottom-up, value-focused strategy of investing in a concentrated portfolio of 10 to 15 unlisted junior mining companies. He discusses the progress made by its two major assets (Futura Resources and Cemos Group) and the trust’s prospects of signi...

In this episode, our investment trusts director of content,  Milosz Papst provides an update on BlackRock Greater Europe Investment Trust (BRGE)  in the context of the recent shift in investor sentiment, which could be the start of a more sustained rally in European shares. He discusses the trust’s portfolio positioning, including the three main areas of the market which BRGE’s managers...

In this episode, our director of content, investment trusts Milosz Papst discusses the recent announcement from AAIF’s board introducing an enhanced dividend policy and a three-year continuation vote. He also covers the significant increase in the fourth interim dividend of nearly 60% year-on-year. Moreover, Milosz examines the fund’s relative performance and portfolio positioning. He highlights t...

In this episode, our director of content, investment trusts Milosz Papst discusses Edinburgh Worldwide Investment Trust (EWI), which aims to generate long-term capital growth from a diversified portfolio of smaller-cap global equities. He highlights how important it is for EWI’s shareholders to cast their vote at the upcoming general meeting in light of Saba Capital’s resolutions to remove the tru...

In this episode, our director of content, investment trusts Milosz Papst discusses the recent campaign of Saba Capital targeting seven UK-listed investment trusts. He discusses Saba’s plan with respect to removing the existing board members, introducing its own proposed directors, as well as the potential future changes in investment mandates of these trusts. He highlights that Saba will likely fa...

In this episode, our director of content, investment trusts Milosz Papst discusses Finsbury Growth & Income Trust (FGT), which aims to achieve capital and income growth and a total return above that of the broad UK stock market from a concentrated portfolio of primarily UK equities, with up to 20% invested in overseas companies that meet the managers’ strict criteria. He covers the trust’s dif...

In this episode, Edison analyst Joanne Collins discusses Gresham House Energy Storage Fund, which seeks to provide investors with an attractive and sustainable dividend over the long term, by investing in a diversified portfolio of utility-scale battery energy storage systems located in the UK and Ireland. In addition, the company seeks to provide investors with capital growth through the reinvest...

In this episode, our director of content, investment trusts Milosz Papst explores the BlackRock American Income Trust (BRAI), which aims to deliver an attractive level of income and long-term capital appreciation from a portfolio of dividend-paying companies that are trading at attractive valuations and are deemed to be ESG leaders, improvers or ‘sustainability enablers’. He explains the reason fo...

In this episode, our healthcare analyst, Jyoti Prakash, CFA, and director of content, investment trusts Milosz Papst discuss Edison’s latest thematic research note on healthcare-focused investment companies as a way of gaining exposure to the sector while managing the downside risk. Following a turbulent period in recent years, the healthcare sector (and in particular small and mid-cap biotech com...

In this episode, our director of content, investment trusts Milosz Papst explores the Worldwide Healthcare Trust (WWH), a specialist investment trust that invests in the global healthcare sector, with the objective of achieving a high level of capital growth. He discusses the broader investment backdrop for the healthcare and biotech sector. He also elaborates on WWH’s stock selection process, its...

In this episode, our director of content, investment trusts Milosz Papst delves into the Martin Currie Global Portfolio Trust (MNP) and its global high-conviction portfolio of quality growth companies. He explains the trust’s bottom-up three-stage investment process and how it translates into distinct portfolio characteristics and performance compared to its benchmark. He elaborates on the three i...

In this episode, our director of content, investment trusts Milosz Papst explores The Diverse Income Trust (DIVI), which is managed by Gervais Williams and Martin Turner at Premier Miton Group with the aim to provide an attractive and growing level of dividends along with long-term capital growth from a diversified portfolio of primarily UK-listed companies, across the market cap spectrum. He disc...

In this episode, our director of content, investment trusts Milosz Papst discusses the interim results of HgT, which invests in leading, profitable, unquoted European mid-market businesses with an international footprint, offering mission-critical, low-spend software solutions to SMEs. He talks about the trust’s solid NAV total return performance (driven by earnings growth across its portfolio) an...

In this episode, our director of content, investment trusts Milosz Papst discusses BlackRock Latin American Investment Trust, the only available closed-end Latin American fund in the UK. He talks about the Latin American investment backdrop, including the relatively favourable growth and valuation attributes in the region. He also comments on BRLA’s stock selection process and portfolio structure,...

In this episode, our director of content, investment trusts Milosz Papst discusses Edison’s latest thematic piece on US Small Cap equities. He then explores Baker Steel Resources Trust whose bottom-up, value-focused strategy is to invest in a concentrated portfolio of 10–20 unlisted junior mining companies. BSRT’s objective is to create value through driving the development of investee companies,...

In this episode, our director, Martyn King explores The Law Debenture Corporation whose aim is to achieve a higher rate of total return than the broad UK stock market through investing in a diversified portfolio of mainly UK equities with some international holdings. Its IPS business provides a regular flow of income, which augments the dividend income from the equity portfolio. He talks about the...

In this episode, our director of content, investment trusts Milosz Papst, and investment trust analyst, Michal Mordel, explore the key takeaways from Edison’s recent thematic campaign on emerging markets. They highlight that emerging market equities have been out of favour recently and are trading on average at attractive absolute and relative valuations compared with developed markets. They outli...

In this episode, our director of content, investment trusts Milosz Papst explores Canadian General Investments, which aims to generate above-average total returns from a diversified portfolio of North American (predominantly Canadian) equities. He talks about CGI’s unconstrained investment approach, its track record of outperformance, as well as major active sector weights. He delves into CGI...

In this episode, our director of content, investment trusts Milosz Papst explores UIL, an investment company whose aim is to maximise shareholder returns by identifying investments worldwide where the estimated underlying value is not fully recognised. He talks about ICM, the company’s investment manager, and its stock selection process based on the following three medium-term views: 1) the w...

In this episode, our director of content, investment trusts Milosz Papst discusses the abrdn Asian Income Fund, an investment company which offers the prospects of both capital and income growth and which could be considered as a core offering for investors seeking diversification through Asian equity exposure. He covers the company’s bottom-up stock selection process and how it aims to benefit fr...

In this episode, our director of content, investment trusts Milosz Papst focuses on Princess Private Equity, an investment company which offers a balanced exposure across private developed markets. He talks about how the investment approach of Partners Group (its investment manager) translates into revenue and earnings growth across the company’s portfolio. He also comments on the company’s divide...