In this episode, our director of content for investment companies, Milosz Papst, talks about Deutsche Beteiligungs (DBAN), a German-based listed private equity and fund management company focused on mid-sized DACH businesses, often through succession-driven management buyouts. Milosz covers DBAG’s Q126 update, including a 3.0% NAV decline driven by lower valuation multiples amid the Middle East conflict, alongside FY26 NAV-per-share guidance of €36–40. He discusses the portfolio’s shift away from traditional industrials towards IT services, software and private debt, recent deals such as the Hipp Technology Group buyout, and strong realisations including the duagon exit. Milosz also touches on DBAG’s underappreciated fund services platform, its €1.00 per share dividend, and a share price discount to NAV of over 30%.

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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/

58. Uncovering Trusts – Deutsche Beteiligungs (DBAN): Succession deals and a discount opportunity in DACH private equity

In this interview, Dr John Reader, co-founder and CSO of Sareum, discusses the publication of the Phase I data for lead candidate SDC-1801 in the British Journal of Clinical Pharmacology and explains why the results strengthen confidence in the programme as it advances towards Phase II. He highlights the drug’s favourable safety profile, once-daily dosing potential and evidence of selective TYK2/JAK1 inhibition, while outlining its potential advantages over competing dual TYK2/JAK1 inhibitor, brepocitinib. John also provides an update on Phase II preparations, including ongoing toxicology studies and formulation optimisation, before discussing the broad commercial opportunity for SDC-1801 across autoimmune diseases, Sareum’s partnering strategy and the key catalysts investors should watch over the next 12–18 months.

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About ‘Bull, Bear & Beyond’

Bull, Bear & Beyond': features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

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/

249. Bull, Bear & Beyond – Sareum: executive interview

In this interview, Quadient CEO Geoffrey Godet and CFO Laurent du Passage provide an introduction to the business. Geoffrey describes the group’s evolution from a mail equipment supplier to a global automation platform powering secure and sustainable business connections. He talks through the growth opportunities for the Digital Solution, driven by mid-sized enterprises digitalising their business operations, AI accelerating automation and government regulations. The imminent French e-invoicing mandate presents a significant opportunity for the business, and successful performance in the roll-out should position the company to benefit as other European countries introduce similar mandates. For the Mail Solution, Geoffrey explains that despite the ongoing reduction in mail volumes, which is resulting in a gradual decline in revenues, the business maintains strong profitability. As companies shift from physical to digital mail, Quadient is able to introduce them to its digital solutions. The Lockers Solution is exploiting the ongoing growth in parcel volumes driven by increasing penetration of online retail. Its network of parcel lockers in selected countries combined with its automation platform supports customers to manage their logistics efficiently. Laurent outlines the financial targets set for the current year and the medium term, with Digital expected to become the largest business by revenue and profitability by 2030. He explains Quadient’s capital allocation policy and approach to M&A and wraps up with a summary of the key indicators that investors should monitor to track the company’s progress..

Quadient designs and builds human-centred, AI-driven automation solutions for business communications. It operates through three solutions: Digital, Mail and Lockers.

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About ‘Bull, Bear & Beyond’

Bull, Bear & Beyond': features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

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/

248. Bull, Bear & Beyond – Quadient: executive interview

In this interview, PZ Cussons CEO Jonathan Myers reflects on how the business has evolved since he joined six years ago, highlighting the shift towards a clearer strategic focus on locally loved brands across personal care, home care and baby care in the group’s four lead markets, which account for 85% of sales. Jonathan discusses progress in strengthening the balance sheet, with net debt in Nigeria reduced from more than £110m to around £30m and Nigerian cash holdings capped to manage devaluation risk, while reiterating the group’s target leverage range of 1.0–1.5x. He also addresses the outcome of last year’s strategic review of the Africa and St Tropez businesses, explaining the rationale for retaining both and outlining the operational changes, including a new North America distribution partner, which have already returned St Tropez to double-digit growth in that region. Finally, he sets out what he believes underpins a successful FMCG brand and discusses the scope to replicate high market share positions, such as Morning Fresh in Australia, through expansion into adjacent categories, including dishwasher capsules.

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About ‘Bull, Bear & Beyond’

Bull, Bear & Beyond': features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

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/

247. Bull, Bear & Beyond – PZ Cussons: executive interview

In this interview, we speak with SynAct Pharma CEO Jeppe Øvlesen and CBO Mads Bjerregaard about the strong momentum generated at the BIO International Convention in San Diego and what it means for the partnering prospects for lead asset resomelagon. They discuss the strong interest from global pharmaceutical companies following the ADVANCE Phase IIb data, why resomelagon’s differentiated non-immunosuppressive profile is resonating with potential partners and how the asset’s opportunity extends well beyond rheumatoid arthritis. They also discuss the upcoming FDA and EMA end-of-Phase II meetings, the evolving partnering process and the key catalysts that could shape SynAct’s next phase of value creation.

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About ‘Bull, Bear & Beyond’

Bull, Bear & Beyond': features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

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/

246. Bull, Bear & Beyond – SynAct Pharma: executive interview

Get the lowdown from Edison’s Arron Aatkar on Worldwide Healthcare Trust (WWH), which delivered a meaningful return to form in FY26. WWH is a specialist investment trust offering diversified exposure to global healthcare.

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About ‘Bull, Bear & Beyond’

Bull, Bear & Beyond': features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

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/

245. Bull, Bear & Beyond – Worldwide Healthcare Trust in 60 seconds

In this interview, we speak with Dr Marc Gitzinger, founder and CEO of BioVersys, about the strong momentum across the company’s antibiotics pipeline and the milestones shaping its next phase of growth. Marc discusses the advancement of lead candidate BV100 into the global Phase III RIV-TARGET trial for carbapenem-resistant Acinetobacter baumannii (CRAB) infections, the strategic significance of the China bridging study and how the parallel Phase IIb RIV-CARE study could provide important early clinical insights. He also shares the latest progress on alpibectir, the company’s GSK-partnered tuberculosis asset, and explains how BioVersys is leveraging strategic partnerships to maximise the value of its portfolio. Finally, Marc discusses the evolving competitive landscape in antimicrobial resistance, the company’s commercialisation strategy and the key clinical, regulatory and business development catalysts investors should watch as BioVersys continues to execute on its growth strategy.

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About ‘Bull, Bear & Beyond’

Bull, Bear & Beyond': features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

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/

244. Bull, Bear & Beyond – BioVersys: executive interview

In this interview, we speak with Basilea Pharmaceutica CEO David Veitch and CFO Adesh Kaul about the strategy driving one of the world’s leading pure-play anti-infectives companies. They discuss Basilea’s differentiated business model, how disciplined in-licensing, strategic partnering and non-dilutive R&D funding support from government agencies have underpinned its long-term success, and why the company continues to strengthen its position in anti-infectives. David also outlines Basilea’s key strategic priorities, including advancing the Phase III programmes for fosmanogepix and ceftibuten ledaborbactam, while Adesh highlights the commercial and clinical milestones investors should watch over the coming months, the continuing role of acquisitions and in-licensing in strengthening the portfolio, and why he believes Basilea’s long-term value proposition remains underappreciated by the market.

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About ‘Bull, Bear & Beyond’

Bull, Bear & Beyond': features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

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/

243. Bull, Bear & Beyond – Basilea Pharmaceutica: executive interview

In this Vantage interview, Neil Shah sits down with Henry Curra, global head of tanker research at Braemar, to explore how recent geopolitical tensions surrounding Iran and the Strait of Hormuz have transformed global shipping markets. Henry explains Braemar’s role at the centre of commodity transportation and outlines how tanker freight rates are driven not just by oil volumes, but by vessel availability, trade routes and ‘ton-mile’ demand. He contends that shipping has increasingly become a geopolitical weapon since 2022, with disruptions in key trade corridors creating inefficiencies that have supported stronger freight markets. The discussion also examines the reality behind media headlines, the effect of risk premiums and why some shipowners are beginning to return to the Middle East despite ongoing uncertainty.

Henry also unpacks the concept of the ‘urgency premium’ in freight markets, highlighting how fear of supply disruption led buyers to pay substantially higher shipping rates during the height of the Hormuz crisis. He discusses which vessel classes have emerged as winners and losers, why Very Large Crude Carriers and Long Range 2 tankers could benefit from a reopening of regional trade flows and how countries are reassessing energy security in response to recent events. From building strategic petroleum reserves and diversifying crude supply sources to investing in new pipeline infrastructure that bypasses the Strait of Hormuz, the interview offers a detailed look at how governments, energy companies and shipowners are adapting to a more fragmented and security-conscious energy landscape.   Watch the full interview now.

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About ‘Bull, Bear & Beyond’ 

Bull, Bear & Beyond': features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit. 

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/ 

242. Bull, Bear & Beyond – Vantage: Shipping through the storm – how Hormuz is reshaping the tanker market

In this interview, Ajax Resources CEO Ippolito Cattaneo discusses Macacha’s anticipated Environmental Impact Assessment approval, Reveille and the company’s Euronext Growth Oslo exchange listing. He also covers recent developments at Pereira Velho and how he intends to maintain Ajax’s rapid growth profile.

Ajax Resources acquires and develops assets with historical production, unexploited reserves and exploration upside. Its flagship asset is the Pereira Velho gold project in Brazil, which it acquired earlier this year from Appian Capital Advisory (one of the world’s largest, specialist mining funds).

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About ‘Bull, Bear & Beyond’ 

Bull, Bear & Beyond': features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit. 

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/

241. Bull, Bear & Beyond – Ajax Resources: executive interview

Discover the world of investment trusts in the 'Uncovering Trusts' podcast series by Edison Group. Hear from Edison’s analysts and trusts’ management and gain insights into how these trusts, covered by Edison, effectively manage assets to maximize returns, aligning with the risk appetite and diverse requirements of both commercial and retail clients.

Edison is a leading investor relations business, operating across all major capital markets. We help create optimal valuations for client stocks, deploying our award-winning combination of intelligent strategic advice, equity research, investor marketing and direct investor engagement.

To find out more about investment trust covered by Edison, please visit: https://www.edisongroup.com/equities/investment-companies/

Uncovering Trusts by Edison Group

Edison Group's Show

Discover fresh perspectives in the Bull, Bear & Beyond podcast series by Edison Group. Our longer episodes feature candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation and the opportunities shaping their markets. These discussions offer unique insight into how leaders navigate challenges, drive growth and deliver long-term value for stakeholders. Our 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

To find out more, please visit: https://www.edisongroup.com/ [https://www.edisongroup.com/equities/investment-companies/]

Bull, Bear & Beyond by Edison Group

'Uncovering Trusts': Edison analysts interview investment trusts to uncover how they maximize returns while managing risk for clients. 

Edison Group

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