Kepler Trust Intelligence

Video Iain Pyle and Thomas Moore, Co-Managers of Aberdeen Equity Income Trust (AEI), discuss the key themes shaping the portfolio and where they are finding the most attractive opportunities in today's market. They explain how the trust continues to deliver a high level of income while seeking capital growth, the sectors benefiting from strong cash generation and dividend growth, and why they believe valuation remains central to identifying future winners.

In this episode of Trust Issues, we speak to Marcel Stötzel, manager of Fidelity European (FEV), about the investment case for European equity sector, including the recent rally, the changing macro back-drop, positioning around AI and finding the most compelling opportunities across the sector. 00:00 Introduction 00:32 Drivers of the rally 02:34 Is Europe a global or regional play? 03:29 Is Europe cheap for a reason?

Video Masaki Taketsume, Fund Manager of Schroder Japan Trust (SJG), discusses the themes shaping his portfolio and why he believes Japan continues to offer attractive opportunities for long-term investors. He explores the impact of corporate governance reforms, government support for AI and advanced technology, and how these structural changes are helping to reshape the Japanese market.

With the office half empty thanks to a combination of summer holidays and the stifling weather, this week has been a good time to sit back and take stock of the year so far. In all honesty, it feels like we’ve been actively trying to avoid the heat this summer, not helped by the office aircon choosing to clock off on the hottest day of the year. Still, for Jo and me it’s back into the furnace that is our portfolio recap – always done with slight trepidation.

The first half of 2026 has been a positive period for UKW, supported by strong cash generation and a modest increase in NAV. Total shareholder return for H1 2026 was +9.2% (or +4.4% based on NAV), with dividends contributing to the majority of that return. UKW’s NAV increased modestly by 0.6p per share over the period, reflecting the conversion of strong operational performance into cash.

In this episode of Trusts in Focus, we examine CQS New City High Yield Fund (NCYF), a specialist high-yield bond trust focused on delivering an attractive level of income while carefully managing risk. We explore how the managers invest across specialist areas of the fixed income market, including financial debt, smaller and less liquid bond issues, and selected high-yield equities.

With AI dominating the global equity market narrative right now, sky-high expectations and a healthy dose of ‘FOMO’ are boosting tech stocks towards record valuations. And this, along with an unnerving disregard for less positive macro issues like rising debt and rising energy costs, is driving a powerful run not just across US indices but also semiconductor-heavy markets like Taiwan and Korea. Over in Japan, the latest earnings season has been broadly positive.

Video Richard Staveley, Fund Manager of Rockwood Strategic (RKW), discusses why he believes the outlook for UK smaller companies is becoming increasingly compelling following a prolonged period of underperformance. He explores the drivers behind the trust's investment approach, recent portfolio activity and where he's currently finding the most attractive recovery opportunities.

We are now more than halfway through 2026 and we’ve seen some seismic events occur already around the world that have been hugely consequential for global markets. Heavy spending on artificial intelligence (AI) continues and has already started to shift the tectonic plates within stock markets. Software has so far been the most consequential victim, though the so-called hyperscalers have also borne some brunt.

In this episode, we speak to Alan Ray, Analyst at Kepler Trust Intelligence, about the investment case for Europe. We also run the rule over JPMorgan European Growth & Income's (JEGI) investment strategy and performance, as well as the rollover option into JPMorgan European Growth & Income for shareholders in the European Opportunities Trust.