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%.

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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/

62. Uncovering Trusts – Baker Steel Resources Trust (BSRT): Capturing value along the mining development curve

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.

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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/

61. Uncovering Trusts – VinaCapital Vietnam Opportunity Fund (VOF): A year of transformation

In this episode, Dr Arron Aatkar, director and analyst covering healthcare and investment companies at Edison, discusses Worldwide Healthcare Trust (WWH), a specialist trust investing across the global healthcare sector and managed by OrbiMed. Arron covers WWH's recent leadership transition, with Trevor Polischuk becoming lead manager alongside new co-manager Geoff Hsu following Sven Borho's departure after more than 30 years at the helm. He also discusses the trust's strong recovery through FY26 and into June 2026, with NAV and share price total returns of 30.6% and 29.9% over the 12 months to end-June, well ahead of the benchmark. This is driven by the trust's biotechnology allocation, M&A activity including its proprietary Biotech M&A Basket, and a standout contribution from Eli Lilly. Arron also touches on WWH's narrowing discount to NAV, its 0.9% ongoing charge and the trust's continued focus on innovation-led opportunities across oncology, obesity and diagnostics.

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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/

60. Uncovering Trusts – Worldwide Healthcare Trust (WWH): New-look investment team aims to build on recent momentum

In this episode, our director of content for investment companies, Milosz Papst, talks about Patria Private Equity Trust (PPET), a UK 250 vehicle investing predominantly in European private equity funds and direct investments through a concentrated group of core managers. Milosz covers PPET's results for the six months to 31 March 2026, including 13.7% revenue growth and 13.4% EBITDA growth across its top 100 underlying holdings, alongside a 5.5% share price total return, achieved despite Middle East-driven volatility and a sell-off in software valuations. He discusses the trust's active deployment into new funds and direct deals such as Omilia and AlphaPet, strong realisations including the Uvesco exit, and its growing direct-investment programme. Milosz also touches on PPET's dividend record of 12 consecutive years of increases and its ongoing share 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 around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

59. Uncovering Trusts – Patria Private Equity Trust (PPET): Resilient portfolio earnings through a volatile half

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%.

***********************************************************

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 episode, our director of content for investment companies, Milosz Papst, talks about Murray International Trust (MYI), one of the oldest investment trusts in the market, managed by Martin Connaghan and Samantha Fitzpatrick at Aberdeen. Listed on the Main Market of the London Stock Exchange, MYI aims to achieve an above-average dividend yield alongside long-term growth in dividends and capital ahead of inflation. Milosz outlines key features that distinguish the trust from its peers: a differentiated portfolio with a lower allocation to the US and higher exposure to emerging markets than most global equity funds, its policy of paying dividends from income and revenue reserves rather than capital, and an emphasis on downside protection.

Milosz discusses the trust's standout 2025 performance, with a NAV total return of 21.9% and a share price total return of 36.0%, well ahead of the benchmark. He also covers MYI's strong dividend record of 21 consecutive years of annual increases, the recent re-rating from a discount of around 4.0% to a 1.6% premium to NAV, and the trust's competitive ongoing charges ratio of 0.5%.

***********************************************************

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/

57. Uncovering trusts – Murray International Trust (MYI): A dividend hero with a differentiated global portfolio

In this episode, Liam O'Byrne, a member of Edison's investment company content team, discusses Canadian General Investments (CGI). Established in 1930, CGI is one of North America's oldest closed-end funds and has been managed by Morgan Meighen & Associates since 1956. Liam introduces the fund and its managers' long-term, bottom-up investment approach, with a mandate primarily focused on Canadian equities but with flexibility to invest up to 25% in US-listed companies. Led by portfolio manager Greg Eckel, the fund currently holds around 54 positions based on its 2026 AGM presentation. Liam outlines key portfolio holdings including Celestica, a major beneficiary of AI-related data centre investment, NVIDIA, Franco-Nevada and a growing uranium position via Cameco, NexGen Energy and Denison Mines. Turning to performance, Liam covers CGI's exceptional long-term track record, with annual share price total returns of 10.7% over 25 years and 11.8% over 50 years, both ahead of the S&P/TSX Composite Index.

***********************************************************

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/

56. Uncovering Trusts – Canadian General Investments (CGI): Unlocking long-term value in North American equities

In this episode, our director of content for investment companies, Milosz Papst, talks about Utilico Emerging Markets Trust (UEM), a specialist investment trust focused on infrastructure and utility companies across emerging markets. He introduces the trust and its managers' long-term, bottom-up investment approach – a concentrated portfolio of around 70 holdings managed by Charles Jillings and Jacqueline Broers at Bermuda-based ICM. Milosz outlines the portfolio's four key investment themes: social infrastructure, energy growth and transition, digital infrastructure, and global trade. He discusses the investment case behind each, including highlighted holdings such as Brazilian water utility Sabesp, renewable energy giant AXIA Energia, Chinese data centre operator GDS Group and Philippine port operator International Container Terminal Services.

Turning to performance, Milosz covers the trust's strong long-term track record, with an annualised NAV total return of close to 10% since launch in 2005 and encouraging more recent results in Q126, supported by the trust's sizeable Brazil exposure. He also highlights UEM's progressive dividend policy, noting that the trust is the only AIC Global Emerging Markets fund designated as a next-generation dividend hero, with more than 10 consecutive years of dividend growth. 

***********************************************************

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/

55. Uncovering Trusts – Utilico Emerging Markets Trust (UEM): Riding infrastructure megatrends across emerging markets

In this episode, our director of content for investment companies, Milosz Papst, talks about Finsbury Growth & Income Trust (FGT), a UK Equity Income trust celebrating its centenary in 2026. He introduces the trust and its managers’ long-term, high-conviction approach – a concentrated portfolio of typically around 20 UK-listed holdings, managed by Nick Train and Madeline Wright at Lindsell Train. Milosz outlines the portfolio’s three broad themes: data, software and platform companies (the ‘digital winners’), premium and luxury consumer brands, and stock market proxies. He discusses the investment case behind the digital winners – eight UK-listed businesses including LSEG, Experian, RELX, Sage and Rightmove. Train believes their constantly replenishing proprietary data assets position these companies as beneficiaries, rather than casualties, of the AI revolution. Milosz also covers developments in the consumer brand holdings, including Diageo, Burberry and Unilever, and changes to the trust’s asset management exposure following the takeovers of Hargreaves Lansdown and Schroders.

Milosz then addresses FGT’s recent performance, with the trust having underperformed its UK All-Share benchmark for five consecutive calendar years, and a NAV total return of 1.2% over five years to end March 2026 versus 69.3% for the index, set against a cumulative NAV total return of 551.4% since Lindsell Train’s appointment in December 2000. He concludes by covering the board’s proactive response to underperformance, including a continuation vote at the January 2026 AGM, a management fee reduction and an active share buyback programme. Milosz also touches on the trust’s progressive dividend policy, a current discount of around 7% to NAV, and an ongoing charges ratio of 0.6%.

***********************************************************

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/

54. Uncovering Trusts – Finsbury Growth & Income Trust (FGT): High-conviction UK investing and the case for digital winners

In this episode, our director of content, investment trusts, Milosz Papst, talks about Baillie Gifford US Growth Trust (USA), a closed-end investment company listed on the main market of the London Stock Exchange, focused on delivering long-term capital growth through US equities. He covers the key takeaways from Edison’s research note on USA, including the trust’s strong recent performance, a NAV total return of 20.1% in the 12 months to end March 2026, well ahead of its S&P 500 benchmark. He explains the managers’ distinctive investment philosophy of identifying ‘outlier’ businesses with virtually unbounded upside potential, and the trust’s significant allocation to late-stage private companies, which currently stands at around 44% of total assets. Finally, he discusses the trust’s portfolio construction, its competitive ongoing charge of 0.72% and the key risks investors should consider.

***********************************************************

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/

53. Uncovering trusts – Baillie Gifford US Growth Trust: Chasing outliers – the case for US growth and private markets

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

Edison Group (@edisongroup) · Zencastr

Edison Group (@edisongroup)

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/]