Uncovering Trusts by Edison Group

In this episode, our director of content, investment companies Milosz Papst talks about Edinburgh Worldwide Investment Trust. This is a timely podcast as the trust is once again under fire from US-based activist hedge fund Saba Capital Management. Shareholders voted decisively against Saba's proposals in February 2025 and Edinburgh Worldwide's board is urging shareholders to do so again. This time round, Saba has amassed a larger stake in the trust and is proposing to replace Edinburgh Worldwide's board with three of its own representatives but has given no indication about the trust's future strategy. Timing is tight as the general meeting is scheduled for 12:00 noon on 20 January 2026. The cut-off for submitting votes is 12:00 noon on Saturday 17 January 2026 but for platforms, the date may be as soon as 12 January 2026. Papst provides a brief introduction to Edinburgh Worldwide before highlighting how the board has proactively addressed a period of poor performance. This included enhancing the investment team and meaningful improvements in portfolio construction and execution, such as fewer holdings and stricter measures to address underperforming investments. The portfolio was reshaped to include more profitable, cash-generative companies and to have greater sector diversification. These efforts have led to notably better performance. Attention then returns to the pressing issue of Saba. Edinburgh Worldwide's board strongly urges all of its shareholders, no matter how large or how small, to vote against Saba's proposal to take control of the trust in a move that would favour Saba over the trust's existing shareholders. Saba has not stated its intentions, beyond replacing the board, and has failed to engage, including a lack of response to a list of questions in Edinburgh Worldwide's open letter on 30 December 2025. ************************************************************** About 'Uncovering Trusts'  Uncovering Trusts is a podcast run by Edison analysts, released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst talks about Murray International. This is our first podcast focusing on this large, well-established fund, so he starts by providing an introduction to the company, before highlighting how it differs from its peers in the AIC Global Equity Income sector. Murray International has a notable below-market weight in the US and a meaningful allocation to emerging markets. Discussion then moves onto the investment process, which features Aberdeen's focus on quality and value, and input from its regional investment teams. He then provides more information about the portfolio, which is broadly diversified by geography and sector. To bring some more colour, he gives some examples of recent transactions, where portfolio activity has been higher than average as Murray International's managers have found increased opportunities in a volatile market. Attention then turns to the trust's performance and the change in the company's reference measure to what is a more relevant MSCI ACWI High Dividend Yield Index given Murray International's emphasis on income and dividend growth. Papst then highlights the trust's competitive fee structure and its valuation, before wrapping up with summary of the key takeaways of the Murray International story. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides an update on BlackRock Latin American Investment Trust. After giving a quick refresher about the company, he discusses the Latin American investment backdrop, where valuations look very attractive. He then highlights the importance of upcoming election cycles, before delving into the managers' views about the prospects for the region. Discussion then turns to the trust, starting with the stock selection process, where favoured companies tend to be high-quality businesses at reasonable valuations, which may be overlooked by other investors. He then provides information about the portfolio, where the managers are happy to invest in some of the smaller and non-index countries, although it is important to understand that a large part of the portfolio is likely to be made up of Brazilian and Mexican stocks as these two countries make up around 90% of the MSCI Emerging Markets Latin America Index, which is the trust's benchmark. He highlights a few of the largest portfolio holdings before discussing performance, which has been positive this year in both absolute and relative terms. To wrap up the podcast, he focuses on the dividend policy, where income is an important element of the trust's total return objective, and highlights the discount control mechanism, which includes a tender offer based on the trust's performance and average discount over a four-year period ending 31 December 2025. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst talks about Invesco Asia Dragon Trust, which was recently created following the merger of Invesco Asia Trust with Asia Dragon Trust. He outlines the key benefits to shareholders of the enlarged entity, which retained the successful investment strategy of Invesco Asia Trust. He discusses the trust's bottom-up, valuation-aware investment approach focused on sustainable business models and attractive valuations. He explains the deep research capability of Invesco's Asia and emerging markets team. He also outlines the shareholder-friendly measures introduced in conjunction with the merger, including quarterly dividend payments and an unconditional tender every three years. He concludes by summarising the market view of IAD's managers. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst discusses Templeton Emerging Markets Investment Trust, which is by far the UK's largest emerging markets investment trust. He starts by providing some background to the current emerging markets opportunity. He elaborates on the trust's strong performance as well as measures announced by the board in June 2024 aimed at improving liquidity in the trust's shares and increasing shareholders' potential total returns. He highlights the trust's recent announcement related to the use of derivatives. He delves deeper into the trust's investment process and portfolio structure. He provides examples of the trust's significant portfolio holdings, such as TSMC, ICICI Bank and Tencent, as well as recent additions including Nari Technology and Ather Energy. He concludes by commenting on the trust's dividends, revenue and special distributable reserves, discount to NAV and gearing. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison:  Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides an update on Franklin Global Trust, which was formerly the Martin Currie Global Portfolio Trust and featured in one of our October 2024 podcasts. Martin Currie's parent Legg Mason was acquired by Franklin Templeton Investments in July 2020, but the brand was only retired earlier this year. The trust's manager Zehrid Osmani and his team combined with the much larger US-based Franklin Equity Group and Jonathan Curtis was appointed as co-manager. Milosz then discusses Franklin Global Trust's objective and investment process before explaining what it offers investors. He highlights that the trust is a straightforward equity portfolio with no unlisted businesses or derivatives, and is relatively concentrated, with around 30 holdings. Following on, he discusses the trust's geographic and sector positioning and some of its larger holdings. He then focuses on performance, which has been disappointing in recent years due to the trust's focus on growth stocks, which derated in a rising interest rate environment, and also there was insufficient exposure to the 'Magnificent Seven' large-cap technology stocks. However, over the longer term, the growth strategy has proved successful and during the dip in performance the managers have made improvements to the investment process. Finally, he discusses the trust's dividend and its significant distributable reserves, and the zero-discount policy, which means that there are share buybacks on most trading days. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts, Milosz Papst provides a detailed overview of four portfolio holdings of HgT. He starts with IFS, a provider of cloud enterprise software and industrial AI applications across multiple sectors including enterprise resource planning, enterprise asset management, field service management and enterprise service management for asset-heavy industries, such as aerospace and defence, energy utilities and resources, construction and engineering, manufacturing and telecoms. He then covers P&I, a provider of an integrated HR cloud platform to small and medium-sized enterprises, primarily in Germany. He also delves into Ideagen, a provider of compliance software to organisations operating in highly regulated industries, such as life sciences, healthcare, banking and finance,and insurance. Milosz also covers a more recent investment made by HgT in 2024 in AuditBoard, a modern, cloud-native connected risk platform changing the way enterprises automate, collaborate and report in real time on risk, audit and compliance workflows. He concludes by discussing the key highlights of HgT's recently published H125 results. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides an overview of Law Debenture Corporation which aims to achieve a higher rate of total return than the broad UK stock market through investing in a diversified portfolio of primarily UK equities. He discusses the unique symbiotic relationship between the company's investment portfolio and its independent professional services (IPS) business and how this drives performance. The regular flow of income that IPS generates, well ahead of its share of net assets, provides the portfolio managers with much greater freedom to balance the requirements for immediate income with the goal of growing capital values over time. He also comments on the company's recent interim results, with a strong absolute and relative performance from the portfolio and continued growth in IPS. He elaborates on the main contributors to performance, including Rolls-Royce which is a good example of how Law Debenture Corporation can successfully invest in companies not paying a dividend at the time of investment thanks to the regular income from IPS. Finally, he discusses the company's current portfolio positioning as sentiment towards UK equities begins to improve. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, healthcare analyst Dr Arron Aatkar provides an overview of Worldwide Healthcare Trust, the London-listed investment company that aims to generate a high level of capital growth from a diversified portfolio of global healthcare stocks. He discusses the stock selection process, which involves a bottom-up approach from a universe of c 1,000 companies, and comments on how the trust brings broad exposure to the global healthcare industry through a multi-cap approach. Dr Aatkar also provides an overview of the current portfolio, highlighting the notable exposure to biotech companies and underweight exposure to pharmaceutical companies (relative to the benchmark index). The discussion then moves on to the trust's performance in recent years and concludes with the managers' outlook on the healthcare sector, commenting on how the fundamentals remain favourable despite recent headwinds, particularly for smaller biotech companies. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides a brief introduction to The Diverse Income Trust (DIVI). It is managed by Gervais Williams and Martin Turner at Premier Miton Group, who aim to generate a dividend income stream that is more resilient and has the potential to grow faster than those of the trust's peers. Milosz then explains how stocks are selected, emphasising the importance of company meetings to the research process. He provides information about the main features of DIVI's portfolio and the trust's dividend history before turning to the UK market, which includes the managers' very optimistic outlook for UK stocks. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, healthcare analyst Dr Arron Aatkar provides an overview of the Biotech Growth Trust, the London-listed investment company that seeks capital appreciation by investing in the worldwide biotechnology industry. He discusses the stock selection process, which involves a bottom-up approach, and comments on how the trust favours smaller, emerging biotechs. He also provides an overview of the current portfolio, highlighting the notable increase in exposure to Chinese biotechs during the first half of 2025. The discussion then moves on to the trust's performance in recent years, from the highs seen across the sector during the COVID-19 pandemic to the flight of capital and rightsizing. He concludes with the managers' outlook on the healthcare sector, commenting on how the current landscape may be perceived as a compelling mix of attractive valuations and increasing demand for new biotech innovations. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our investment trusts analyst, Michal Mordel discusses the investment opportunities arising in Vietnam. He explores the country's transformation and remarkable growth story, as well as its place in global supply chains and the current geopolitical landscape. He talks about Vietnam's greatest advantage, which is its young, productive and well-educated population. Michal also presents a brief rundown of investment vehicles available to London-based investors that focus on Vietnam and can serve as a gateway to this market.

In this episode, our director of content, investment trusts Milosz Papst provides an overview of North America's second-oldest closed-end fund established in 1930, which is listed on both the Toronto and London stock exchanges. He discusses the trust's strong long-term track record, highlighting that a C$10,000 investment in the fund fifty years ago would have grown to more than C$3,000,000. He elaborates on the fund's investment approach, which is bottom up but also considers the macroeconomic environment, and its low turnover. He highlights that up to 25% of its portfolio may be held in US-listed businesses, which are primarily in niche operations or areas that are under-represented in the Canadian market. He summarizes the manager's views on the current investment environment and its recent portfolio activity. Finally, he comments on the fund's dividend policy (and the fact that it qualified as AIC's next-generation dividend hero), gearing and discount to NAV. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides an overview of this specialist emerging markets trust which aims to generate an attractive long-term total return from a diversified portfolio of emerging market equities, primarily in the infrastructure, utility and related sectors. He outlines the four megatrends identified by ICM, the trust's manager: social infrastructure, energy growth & transition, digital infrastructure, and global trade. He explains UEM's focus on countries which exhibit positive attributes such as political stability, economic development, an acceptable legal framework, and an encouraging attitude to foreign investment. He highlights that the trust has recently become an AIC next-generation dividend hero. Finally, he elaborates on the trust's discount to NAV. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, Chloe Wong, analyst at Edison Group, provides an overview of Baillie Gifford's recent two-day Investment Trust Conference, entitled "The Next Chapter." She begins by setting the macroeconomic context before highlighting Baillie Gifford's continued commitment to its long-term, high-conviction investment approach, despite market volatility. Chloe then explores six key themes that emerged across the firm's twelve listed trusts, including the importance of backing a small number of transformational winners, how organisational culture plays a role in identifying long-term leaders, and the growing relevance of private market exposure. She also discusses the firm's contrarian optimism on Asia and Japan, and the role of diversification and dividend resilience in portfolio construction. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

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 investment universe and what are the important considerations for potential investors. Milosz then takes a look at the trust's portfolio including subsector exposures and important themes before highlighting some of the recent activity in the fund. He concludes by focusing on recent developments for the trust, namely a reduced fee structure and an enhanced dividend policy. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

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 levels, investors are only paying a modest premium to gain exposure to high-quality UK small-cap growth stocks despite a difficult, low growth economic environment. He also comments on the trust's long-term record of outperformance versus its reference index and peers, as well as its more recent returns. Finally, he talks about the triple discount arising from low UK valuations vs other geographies, low UK small-cap valuations vs UK large-cap stocks, as well as the discount to NAV at which the trust's shares currently trade. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

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 covers the developments across IP Group's major holdings, their cash runway, and valuations. Finally, he discusses IP Group's approach to capital allocation, including recent buybacks, as well as ambitions in terms of growing third-party capital under management. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

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-term NAV performance and its healthy balance sheet. Finally, he elaborates on the trust's dividend policy and recent buyback programme. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

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 significant royalty and dividend income which could represent a double-digit income yield on its current market capitalisation. He explains how the trust mitigates the risks associated with investing in junior mining projects, including the use of convertible debt and providing funding in stages as development milestones are met. *********************************************************** About 'Uncovering Trusts' 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/