In this interview, we speak with Dr Marc Gitzinger, CEO, and Hernán Levett, CFO of BioVersys, about the company’s strategy to address the growing global challenge of antimicrobial resistance through its pipeline of novel antibacterial therapies. Management outlines BioVersys’s key value drivers, led by BV100, a late-stage asset targeting carbapenem-resistant infections, one of the most critical unmet needs in hospital settings. Marc discusses the programme’s differentiated mechanism, competitive positioning and the rationale behind the upcoming Phase III trial planned for early 2026, highlighting the clinical and commercial opportunity if successful. The discussion also covers alpibectir, BioVersys’s tuberculosis programme developed in partnership with GSK. Management explains the asset’s unique mechanism, its potential role in tackling drug-resistant tuberculosis and how the 50/50 collaboration structure reduces development risk while preserving long-term value. Hernán provides insight into BioVersys’ capital strategy following its 2025 Swiss listing, including funding runway, capital allocation priorities and how the company is positioning itself to support late-stage development. The conversation concludes with management outlining key catalysts over the next 12–18 months, centred on clinical progress, partnership execution and pipeline advancement.

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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/

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

In this interview, Mateusz Nowak, Noctiluca’s CCO and board member, outlines how the company has evolved from a single‑material proposition into an OLED material platform developer, synthesising and scaling families of emitter and functional materials. Noctiluca now has c 1,200 compounds, 10 patent families and strong relationships across the display industry. Mateusz discusses the industry’s ‘race for blue’ and explains how the company’s electron injection layer materials provide a new route to improving blue pixel efficiency, with internal gains up to 15x and more than twofold industry‑validated improvements, including a 100–150% uplift in partner trials. Mateusz also highlights the rapid commercial progress in Asia, driven by local presence and collaboration, with engagements now spanning more than 15 global entities across the OLED value chain. Finally, he outlines Noctiluca’s intellectual property‑led strategy, expanding its patent platform towards 12 families and entering national phases across up to 40 jurisdictions.

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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/

183. Bull, Bear & Beyond – Noctiluca: executive interview

In this episode, our director of content for investment companies, Milosz Papst, talks about JPMorgan European Discovery Trust (JEDT). He starts by introducing the trust before highlighting why now could be an interesting time to look at the company. Firstly, it invests in an attractively priced asset class that has been out of favour but has delivered strong returns over the long term. Secondly, JEDT’s performance has improved under a relatively new management team. Milosz highlights that the managers seek ‘hidden gems’, which are attractively valued, high-quality companies with the potential to be the large market leaders of tomorrow. Their investment process combines screening, fundamental research and risk management, which includes the use of JPMorgan’s proprietary data systems. Changes have been made to the portfolio to reduce exposure to macroeconomic risk and increase the focus on bottom-up stock selection.

Milosz also explains why JEDT’s managers have a positive outlook on European small-cap stocks and what could cause an improvement in sentiment towards this part of the global market. He then moves onto the trust’s portfolio, highlighting some of its structural growth themes and discussing some recent transactions. Milosz provides details on the performance improvement, along with some of the stock contributors. At the end of 2025, JEDT had outperformed its benchmark, the MSCI Europe ex UK Small Cap Index, over the last one and three years. Also, within the three funds in the AIC European Smaller Companies sector, the trust’s NAV total returns now rank first over the last one and three years, and second over the last five years. Milosz concludes by highlighting other features of JEDT, namely its dividend policy, narrowing discount and the use of gearing.

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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 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

48. Uncovering Trusts – JPMorgan European Discovery Trust (JEDT)

In this interview, John Mills, CEO of Xaar, outlines the steps management has taken to transform the company by focusing on applications where Xaar’s ability to print high‑viscosity, high‑pigment‑load fluids provides a clear competitive advantage. He explains how the business has significantly diversified its market exposure and now operates across 21 markets, with more than 100 original equipment manufacturer (OEM) programmes at various stages of development. John highlights Xaar’s strong positioning in key growth areas, including jewellery wax printing, EV battery insulation coatings and automotive coatings. He also discusses the upcoming launch of a unique full‑colour desktop 3D printer featuring Xaar’s printheads. He notes that the decline in legacy ceramics revenue has now bottomed out, meaning growth from new applications should begin to show through more clearly in the top line. With existing factory capacity able to support more than three times current revenue, Xaar is well positioned to benefit from operating leverage and strong cash generation as volumes increase.

Xaar is a UK‑based manufacturer of industrial piezo-based drop‑on‑demand inkjet printheads and related systems, supplying OEMs globally across applications including ceramics, graphics, product decoration, packaging and advanced manufacturing.

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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/

182. Bull, Bear & Beyond – Xaar: executive interview

In this interview, one of Baillie Gifford US Growth Trust’s (USA) managers, Kirsty Gibson, introduces the trust, the portfolio of which is made up of both listed and private companies. She then explains the strategy for finding outliers, which are growth companies that can generate disproportionate outcomes over the long term. While these businesses may not look inexpensive on traditional measures, consensus expectations do not take account of their significant growth opportunities. Kirsty also outlines the enhancements and guide rails that were introduced following a period of volatile performance and she highlights how they relate to portfolio construction and the increased clarity they bring regarding the balance between ambition and risk. She discusses USA’s private company exposure and some recent transactions and their investment cases. She then talks about AI-related businesses and other areas of the portfolio where the prospects look particularly bright before summarising what the trust offers investors.

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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/

181. Bull, Bear & Beyond – Baillie Gifford US Growth Trust: executive interview

In our interview, Phil Richards, CFO of GiG Software, gives an overview of the company, its markets and growth outlook. Phil begins by describing GiG’s products and the services it provides, as well as an overview of the industry and customers it serves. He highlights what he believes distinguishes GiG from its peers. Phil provides insight on the company’s financial characteristics including the nature of its revenue generation and investment requirements, as well as how the adoption of AI will help to make GiG more efficient and more profitable. We conclude with the company’s financial outlook and its most important key performance indicators.

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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/

180. Bull, Bear & Beyond – GiG: executive interview

In this interview, Johannes Laumann, CIO of Mutares, discusses with Edison’s Neil Shah Mutares’ record-breaking $400m acquisition of the regional engineering thermoplastics business in the Americas and Europe of SABIC, its ambitious US expansion strategy and how Mutares is positioning itself for the next phase of global growth. From navigating carve-outs to capital allocation and future exits, Johannes shares real insights into what is driving the company’s success across sectors and continents.

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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/

179. Bull, Bear & Beyond – In the chair with Mutares’ Johannes Laumann on US expansion, a record deal and growth momentum

In this video, we speak with Dr Christian Koch, head of BB Biotech at Bellevue Asset Management. Dr Koch discusses the increasingly positive sentiment towards the biotech sector, following the recent JP Morgan healthcare conference. He also covers some of the transactions that have benefited BB Biotech’s portfolio in recent periods, provides a summary of how the company uses agentic AI to support its investment process and outlines what to expect for BB Biotech in the year ahead.

BB Biotech is a Swiss-listed investment company managed by Bellevue Asset Management, a specialist in biotech investments. The company provides investors with targeted access to the global biotechnology sector, focusing on innovative companies developing transformative therapies. BB Biotech aims to deliver long-term capital growth through active, fundamental stock selection.

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

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/

178. Bull, Bear & Beyond – BB Biotech: executive interview

In this interview, Matthias Stadelmeyer, CEO of Tradedoubler, discusses industry dynamics, including how AI is bringing about a new wave of rapid transformation to the industry and how Tradedoubler is leveraging it. He discusses the relationship between affiliate networks, affiliates and advertisers, noting that affiliates often work across multiple networks, while brands prefer single-network partnerships for simplicity and scale. He emphasises AI as a transformative force for Tradedoubler, driving internal efficiencies, predictive analytics and new traffic sources. The company is launching AI-based platform features in early 2026 and sees opportunities to move higher up the customer funnel as journeys shorten. Matthias underscores Tradedoubler’s resilience to disruptions like AI, GDPR and cookie deprecation, thanks to its strong network, technology and expertise.

Tradedoubler (Nasdaq Stockholm: TRAD) is a pioneer in performance-based digital marketing, operating in more than 90 countries with over 3,000 brands.

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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/

177. Bull, Bear & Beyond – Tradedoubler: executive interview

LM PAY is a Polish fintech specialising in consumer financing for beauty and healthcare services via business-to-business partnerships. In this interview, Jakub Czarzasty, CEO of LM PAY, explains how medical and beauty treatment financing works in Poland and how it supports LM PAY’s business model. He talks about the company’s competitive advantages, including its embedded finance model and well-established relationships with clinics and beauty salons. He also comments on the new financing agreement with Aion Bank and outlines new product initiatives, most notably car insurance financing and the MediPay Mobile by Visa card.

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

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/

176. Bull, Bear & Beyond – LM PAY: 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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