Why are the world’s growth investors quietly favouring ‘shovel makers’ over ‘miners’? In this Vantage interview, Alex Gunz, manager of the Heptagon Future Trends Equity Fund [https://heptagon-capital.com/funds/heptagon-fund-icav-heptagon-future-trends-equity-fund-c-usd-acc/], which has just passed its 10-year anniversary, explains why the AI story is far bigger than GPUs and data centres, and where the most durable opportunities are hiding. Alex makes the case for ‘halo’ assets – heavy asset, low obsolescence businesses such as ASML, whose 100,000kg lithography machines are integral to the entire semiconductor supply chain. With US hyperscaler capex on track to top $1tn this year, and AI infrastructure spend already at 5.2% of US GDP (above the dotcom peak), Alex argues the build-out has years left to run. He brings the strategy to life through holdings, including Quanta Services and MDA Space, and explains why bottlenecks in power, grid, land and skilled labour are creating real pricing power for the right businesses. Alex also shares why he believes the traditional 60/40 portfolio needs rethinking, and why gold, physical infrastructure and alternatives now deserve a place alongside equities.

Watch the full interview now to hear Alex’s high-conviction take on where the smart money is going next.

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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/

227. Bull, Bear & Beyond – Vantage: Shovel makers, halo assets and the biggest infrastructure build in history with Alex Gunz

In this interview, we speak with Sten Sörensen, CEO of Cereno Scientific, about the company’s strong start to 2026 and the key takeaways from the Q126 results. He provides updates on CS1 ahead of its planned Phase IIb trial in pulmonary arterial hypertension (PAH), discusses the advancement of CS014 in PH associated with interstitial lung disease (PH-ILD) and the ongoing pharmacokinetic bridging study, and explains the rationale for selecting antiphospholipid syndrome (APS) as the lead indication for CS585. Sten also highlights how the company’s clinical programmes are aligned with the evolving regulatory landscape, helping to de-risk development, and comments on growing interest from potential pharmaceutical partners. He concludes by outlining the key milestones and catalysts investors can expect over the coming months, setting the stage for a newsflow-rich period.

 Cereno Scientific (STO: CRNO-B) is a clinical-stage biotech focused on developing innovative treatments for rare diseases in the cardiovascular and pulmonary fields. Its pipeline is led by CS1 and CS014, HDAC inhibitors with disease-modifying potential in PAH and PH-ILD, respectively. Both candidates are supported by encouraging clinical data and are advancing towards later-stage clinical trials (Phase IIb for CS1 in June 2026 and Phase II for CS014 in Q127). A third asset, CS585, a prostacyclin receptor agonist, is currently in preclinical development for APS.

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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/

226. Bull, Bear & Beyond – Cereno Scientific: executive interview

In this interview, Sebastian Grabmaier, CEO of JDC Group, explains the effects of AI on the insurance market in general and its impact on the Insurtech platform company in particular. We discuss how he sees AI as the largest game changer since the internet but also how its effects may not be as immediate as feared by the market. He explains that with the access to data, infrastructure and customers, the large JDC platform is well positioned to benefit from AI. Grabmaier also highlights that JDC has already developed its own AI tools to make its internal processes more efficient, for instance in data gathering and comparison tools. With the recently acquired lead generator FMK, which also uses AI in its outreach (eg through Google), already realising large new contract numbers (c 40k contracts every month),  Grabmaier notes that the conversion of AI leads is much higher than through conventional methods.

JDC Group is a leading German insurance platform, providing advice and financial services to professional intermediaries and banks and directly to end-customers. JDC provides its digital platform for end-clients and for the administration and processing of insurance products as a white-label product.

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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/

225. Bull, Bear & Beyond – JDC Group: executive interview

In this interview, we speak to Carlos Buesa, CEO of Oryzon Genomics, with a focus on the company’s top strategic priority, iadademstat, in first-line acute myeloid leukaemia (AML). We discuss the drug’s mechanism of action, Oryzon’s ongoing clinical programmes in AML – particularly in the first-line setting – and the interim data due to be presented at the EHA conference in June. We also explore the key unmet needs in first-line AML and how iadademstat is positioned to address them, as well as the broader opportunity for the drug, including its potential in sickle cell disease. Finally, we discuss the key expected milestones and next steps for iadademstat through 2026 and into 2027.

Oryzon Genomics is a Spanish biotech focused on epigenetics. Iadademstat is being explored for haematology-oncology, where the strategic priority is in first-line AML; there is potential for an accelerated approval pathway should clinical data continue to be supportive. It is also being evaluated in other indications, such as myelodysplastic syndrome, myeloproliferative neoplasms and sickle cell disease, as well as in small cell lung cancer. Central nervous system asset vafidemstat has completed a Phase IIb trial in borderline personality disorder and preparations are underway for Phase III. It is also currently involved in a Phase IIb trial for schizophrenia, and management is preparing for an additional Phase II trial in autism spectrum disorder.

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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/

224. Bull, Bear & Beyond – Oryzon Genomics: executive interview

In this interview, Murat Koshenov, CFO and deputy CEO of Halyk Bank, discusses the role of Kazakhstan as the largest economy in Central Asia and a gateway between China, Europe and the Middle East. He provides background on Halyk Bank’s role in supporting the growth of the local economy, explains how Halyk Bank is navigating the high-inflation, high-interest rate environment in Kazakhstan and elaborates on the potential impact of the war in the Middle East on the local economy. Moreover, he highlights the key developments across Halyk’s digital ecosystem. The interview also covers Halyk’s dividend policy.

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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/

223. Bull, Bear & Beyond – Halyk Bank: executive interview

In this interview, Lucie Majstrova, investment specialist for private companies at Baillie Gifford, discusses The Schiehallion Fund, which seeks to generate capital growth for investors through long-term minority investments in later-stage private businesses that it considers to have transformational growth potential and the potential to become publicly traded. Majstrova discusses the significance of the company’s recent change in its listing segment from the Specialist Fund Segment to the Main Market’s closed-ended investment funds category. She explains the main drivers of the Schiehallion Fund’s recent strong performance, as well as major operating metrics across its portfolio, such as revenue growth, profitability and cash flow profile. The discussion also covers The Schiehallion Fund’s approach to its holdings after they complete their IPOs, as well as the recycling of proceeds from listed holdings into new private market opportunities.

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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/

222. Bull, Bear & Beyond – The Schiehallion Fund: executive interview

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%.

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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/

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

In this interview, CleanTech Lithium CEO Ignacio Mehech discusses the company’s transition from lithium explorer to developer, cantered on its flagship Laguna Verde project in Chile. He highlights two major milestones: the award of a Special Lithium Operating Contract, which provides a clear regulatory pathway for development, and the publication of a pre-feasibility study that demonstrates the project’s strong economics and long-term production potential. Mehech explains how direct lithium extraction differentiates CleanTech Lithium from traditional evaporation-based producers, offering faster processing, higher recovery, reduced land use and brine reinjection to help minimise environmental impact. The interview also covers the company’s pilot-plant progress, production of battery-grade lithium carbonate, engagement with local and indigenous communities and the importance of securing a strategic partner at project level. Mehech sets out the roadmap towards an environmental impact study, final investment decision in 2028 and first production around 2030–31, while positioning Laguna Verde, Viento Andino and Arenas Blancas as the basis for a wider lithium district in Chile.

CleanTech Lithium is an exploration and development company, advancing the next generation of sustainable lithium projects in Chile.

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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/

221. Bull, Bear & Beyond – CleanTech Lithium: executive interview

Get the lowdown from Edison’s Mel Jenner on Utilico Emerging Markets Trust, which seeks to provide long-term total returns by investing primarily in infrastructure and utility equities across emerging markets.

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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/

220. Bull, Bear & Beyond – Utilico Emerging Markets Trust in 60 seconds

Get the lowdown from Edison’s Milosz Papst on The Law Debenture Corporation (LWDB), one of the largest constituents of the AIC's UK Equity Income sector. Managed by James Henderson and Laura Foll of Janus Henderson, LWDB combines a diversified investment portfolio with a wholly owned independent professional services business.

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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/

219. Bull, Bear & Beyond – The Law Debenture Corporation in 60 seconds

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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