Episode Details

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.