Uncovering Trusts by Edison Group

In this episode, our director of content for investment companies, Milosz Papst, talks about Templeton Emerging Markets Investment Trust (TEMIT), the first and by far the largest UK emerging markets investment trust, which is managed by Chetan Sehgal and Andrew Ness using a bottom-up, high-conviction approach. Milosz covers TEMIT's results for the financial year to 31 March 2026, including a 41.3% NAV total return and a 48.6% share price total return, compared with 26.8% for the MSCI Emerging Markets Index. He also notes that this strong performance continued after the year end, with a 51.5% NAV total return in the 12 months to September 2026, compared with 31.0% for the index. The largest contributors in FY26 were SK Hynix, TSMC and Hyundai Motor. He discusses how the AI-driven rally in North Asian semiconductor stocks lifted technology to around half of the portfolio, and how the managers have responded by taking profits, adding BYD and gradually reducing the trust's India underweight. Milosz also touches on the narrowing of the discount to 7.3%, £166.7m of buybacks in FY26, the conditional tender offer, the lower management fee effective from 1 July 2026, and the risks that come with the portfolio's concentration. *********************************************************** 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 around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content for investment companies, Milosz Papst, talks about Invesco Asia Dragon Trust (IAD), an investment trust applying a 'valuation, not value' approach to Asian and Australasian equities through a concentrated portfolio of high-quality companies trading below their intrinsic value. Milosz covers IAD's 39.6% NAV total return in the year to April 2026, which was strong in absolute terms but trailed the benchmark's 45.7% as market leadership narrowed to a handful of AI-related semiconductor stocks. He also notes the trust's outperformance over five and 10 years. He discusses why the managers are taking profits in early AI winners and looking for second-order beneficiaries, including Chinese internet companies, Korean financials, Indian finance and logistics, and Australian engineering firm Worley. He also covers the managed team transition, with Marc Ye joining as co-manager. Milosz then touches on the benefits of the 2025 merger with Asia Dragon Trust, including greater scale, a sector-low ongoing charge of around 0.7%, an annual distribution of roughly 4% of NAV, the discount narrowing to 5.4% and the 2028 tender offer. *********************************************************** 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 around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content for investment companies, Milosz Papst, talks about HgT (HGT), a listed private-equity investment company managed by Hg that gives shareholders exposure to more than 60 unquoted mission-critical B2B software and technology-enabled services businesses. Milosz covers HgT's H126 results, including continued strong underlying trading, with 16% last-12-month revenue growth and 19% EBITDA growth across the portfolio. This was offset by lower valuation multiples amid the sell-off in public software, resulting in a 4.9% NAV total return decline. He discusses why Hg believes its portfolio is well positioned to benefit from AI, the progress at its largest holdings, Visma and IFS, and realisations above carrying value, including the Intelerad and Quantios exits. Milosz also touches on HgT's outstanding commitments and extended credit facility, its new buyback framework, Hg's plan to increase its combined stake to more than 15% and a discount to NAV that remains wide despite the recovery in software markets. *********************************************************** 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 around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content for investment companies, Milosz Papst, talks about Baker Steel Resources Trust (BSRT), a closed-end investment company targeting long-term capital growth through a concentrated portfolio of natural resources investments, spanning listed and unlisted equity, convertible loans and royalties. Milosz covers BSRT's 15.4% NAV total return in H126, ahead of its mining benchmarks, and the further 17.3% NAV increase in August driven largely by Tungsten West's agreement with the UK National Wealth Fund for financing of up to £71m to bring the Hemerdon mine into production. He also discusses the trust's other largest holdings, including Cemos, Futura Resources and Blue Moon Metals, as well as progress at smaller positions such as the Bilboes gold royalty and Silver X. Milosz also covers the board's new capital allocation policy targeting a 5% annual return of capital, the ongoing share buyback programme, and the narrowing of BSRT's discount from 43% at end-2025 to 22%. *********************************************************** 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 around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content for investment companies, Milosz Papst, talks about VinaCapital Vietnam Opportunity Fund (VOF), a FTSE 250 constituent investing across Vietnam's public and private markets and applying private equity disciplines to both. Milosz covers VOF's results for the financial year to 30 June 2026, including a 9.5% NAV total return in US dollar terms and an 11.9% share price total return in sterling, and explains why the VN Index's 36.5% return was unusually concentrated in a single stock. He discusses the most active year in the fund's history, with $843m of transactions and 39% portfolio turnover, the reorganisation of the investment team around four sectors, and examples such as the exit from Airports Corporation of Vietnam at an 18% dollar IRR and redeployment into Gemadept and the Gelex Infrastructure pre-IPO. Milosz also covers progress on legacy private real estate holdings, Vietnam's upcoming FTSE Russell emerging market reclassification, the 20.6% discount at year end, buybacks of more than $90m during the year, and the new tiered fee structure effective from 1 July 2026. *********************************************************** 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 around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/