Kepler Trust Intelligence Podcast Kepler Partners

In this episode of Trust Issues, we speak to Richard Aston, Manager of CC Japan Income and Growth Trust (CCJI). Richard talks through why corporate reforms have made Japan an increasingly attractive place to invest, what sorts of companies CCJI looks for, and how the trust's portfolio is structured. 
00:00 Intro01:00 What is CCJI?01:38 What's attractive about Japanese stocks today?03:58 How do you think about valuations, in light of corporate reforms?08:46 Have any CCJI investments benefited from corporate reforms?10:25 Do any themes emerge in the stock picking process?13:02 Any specific opportunities that look interesting today?14:35 Thoughts on central bank policy

In this episode of Trust Issues, we speak to Thomas Moore, Manager of the Abrdn Equity Income Trust (AEI). The trust pays a high yield and we talk through how Thomas looks to achieve and maintain that. We also look at the UK market more broadly and ask if there is anything which can cause a rerating in valuations.
00:00 - Risk warning 01:00 - Overview of AEI06:00 - Avoiding value traps10:15 - Is gearing still generating positive carry?12:50 - Will anything drive a rerating in UK stocks?17:20 - Do any areas of the market look more attractive today?19:10 - Why invest in AIM?22:22 - Do higher rates mean a better outlook for value stocks?
Our latest research on AEI: https://tinyurl.com/jakfen4yAEI Website: abrdnequityincome.com/en-gb

In this episode of Trust Issues, we speak to Thomas McMahon, Investment Trust Research Manager at Kepler Trust Intelligence, about BlackRock Frontiers (BRFI). We look at the trust's unique investment universe, what's attractive about it, and get an outlook for the year ahead.
00:00 - Risk warning and intro01:00 - BRFI's investment universe06:06 - How does BRFI use gearing?08:20 - Correlation with developed markets12:03 - Given dollar strength, how did BRFI manage to perform well in 2023?17:20 - How do the managers manage risk?19:55 - How is the portfolio benefitting from 'friedshoring'?25:44 - Trends and outlook for 2024?
Our latest research on BRFI - tinyurl.com/79javze7BRFI website - tinyurl.com/mry4yd7y
Intro music by State Azure

In this episode of Trust Issues we speak to Gabriel Sacks, Manager of Abrdn Asia Focus (AAS). We look at why Asia small caps have performed well relative to other parts of the world, fears about small cap performance post-rate hikes, being underweight India and more. You can skip to individual questions using the timestamps below:
00:00 - Intro and risk warning00:48 - What does AAS aim to do?02:40 - What does the recent manager change mean for the trust?06:24 - Why have Asian small caps performed well compared to large cap?09:54 - Asia large cap is very skewed towards a few tech companies. Do any similar themes emerge in your stock picking process?13:26 - What are valuations in the portfolio like at the moment?17:15 - Are you afraid about the impact rate hikes will have on smaller companies?21:52 - Are Indian companies overvalued?25:00 - Is friendshoring a real phenomenon and does it present meaningful opportunities for investors?
Read our latest research on AAS: http://tinyurl.com/ydte4p3pVisit the AAS website: http://tinyurl.com/7scxvehy
Intro music by State Azure, used with permission.

In this episode of Trust Issues we speak to Iain Pyle, Manager of Shires Income (SHRS). We talk about the recent merger with Abrdn Smaller companies Income, the opportunity in UK small caps, and whether the base case market outlook of a soft landing is realistic. You can skip to individual answers via the buttons below.
00:00 – Intro and risk warning00:50 – What is Shires Income?02:59 – What benefits will the merger with Abrdn Smaller Companies Income bring?05:08 – What do preference shares bring to the SHRS portfolio?07:12 – How has your small cap exposure changed post-merger?10:22 – Are low small cap valuations justified? Do you see any opportunities here?14:29 – What is the thinking behind the financials exposure?17:17 – Some dividend stock valuations are priced at levels that implies the market believes the yields on offer are not sustainable long-term, is that correct?20:10 – It’s almost as though the least optimistic scenario is the most optimistic – a soft landing, no meaningful recession and so on. What do you make of that?
Our latest note on SHRS - http://tinyurl.com/2jd7f39tSHRS website - http://tinyurl.com/5f38nh4h
Intro music by State Azure, used with permission

In this episode of Trust Issues, we speak to Nicholas Todd, one of our Kepler Trust Intelligence analysts, about investing in multi-manager funds and what Alliance Trust (ATST) offers investors looking for a core global equity holding.
 
00:00  Introduction and risk warnings
01:08  What are multi-manager funds?
03:16  How have multi-manager funds performed?
04:19  What type of investor might want to consider adding a multi-manager fund to their portfolio?
06:14  An overview of Alliance Trust trust and its investable universe
08:47  How has Alliance Trust performed over the last few years, and what are the key drivers?
11:21  How does Alliance Trust’s portfolio differ from its peers?
12:37  What are some of the current style exposures within the portfolio?
16:35  Does Alliance Trust hold a position in any of the ‘magnificent seven’?
18:43  Overview of Alliance Trust’s Japanese allocation
21:00  What approach does Alliance Trust take to manage risk for investors?
27:53  What is the outlook for multi-manager funds over the next year? 
 
Intro music by State Azure, used with permission