In this episode, our healthcare analyst, Jyoti Prakash, CFA, and director of content, investment trusts Milosz Papst discuss Edison’s latest thematic research note on healthcare-focused investment companies as a way of gaining exposure to the sector while managing the downside risk. Following a turbulent period in recent years, the healthcare sector (and in particular small and mid-cap biotech companies) are now primed for a turnaround. The sector remains fundamentally strong, and the downturn after 2021 led to rightsizing and more realistic valuations (which potentially offer an attractive entry point). This is coupled with continued high level of innovation, a looming patent cliff for big pharma, an uptick in IPO and M&A activity, as well as technology-driven advancements. All this creates fertile ground for a re-rating of the sector on the back of the recent reversal in the interest rate cycle, as well as the conclusion of the US presidential elections.

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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/

20. Uncovering Trusts – Healthcare-focused trusts: A sector on the mend

In this episode, our director of content, investment trusts Milosz Papst explores the Worldwide Healthcare Trust (WWH), a specialist investment trust that invests in the global healthcare sector, with the objective of achieving a high level of capital growth. He discusses the broader investment backdrop for the healthcare and biotech sector. He also elaborates on WWH’s stock selection process, its longstanding overweight exposure to biotech and an underweight allocation to pharma stocks. Finally, he talks about WWH’s discount control mechanism, long-term performance, and dividend policy.

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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/

19. Uncovering Trusts – Worldwide Healthcare Trust (WWH)

In this episode, our director of content, investment trusts Milosz Papst delves into the Martin Currie Global Portfolio Trust (MNP) and its global high-conviction portfolio of quality growth companies. He explains the trust’s bottom-up three-stage investment process and how it translates into distinct portfolio characteristics and performance compared to its benchmark. He elaborates on the three important growth trends identified by the manager. He also discusses the trust’s recently published results for the six-months ending July 2024, including major positive and negative performance contributors. Finally, he talks about the company’s zero-discount policy.

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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/

18. Uncovering Trusts – Martin Currie Global Portfolio Trust (MNP)

In this episode, our director of content, investment trusts Milosz Papst explores The Diverse Income Trust (DIVI), which is managed by Gervais Williams and Martin Turner at Premier Miton Group with the aim to provide an attractive and growing level of dividends along with long-term capital growth from a diversified portfolio of primarily UK-listed companies, across the market cap spectrum. He discusses the managers’ stock selection process and the trust’s portfolio structure. He also explains how the trust’s lower-risk exposure to UK equities is illustrated by Edison’s upside/downside analysis. Finally, he elaborates on the trust’s dividend policy.

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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/

17. Uncovering Trusts – The Diverse Income Trust (DIVI)

In this episode, our director of content, investment trusts Milosz Papst discusses the interim results of HgT, which invests in leading, profitable, unquoted European mid-market businesses with an international footprint, offering mission-critical, low-spend software solutions to SMEs. He talks about the trust’s solid NAV total return performance (driven by earnings growth across its portfolio) and solid realisations which were carried out at an uplift to previous carrying value. He highlights HgT’s recent new investments, and also elaborates on the recent portfolio debt refinancing and the associated interest expense savings and maturity extensions. Finally, he comments on HgT’s holding-level liquidity and commitment coverage ratio.

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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/

16. Uncovering Trusts – HgT’s H124 results discussion

In this episode, our director of content, investment trusts Milosz Papst discusses BlackRock Latin American Investment Trust, the only available closed-end Latin American fund in the UK. He talks about the Latin American investment backdrop, including the relatively favourable growth and valuation attributes in the region. He also comments on BRLA’s stock selection process and portfolio structure, including some of its largest positions. He also explains BRLA’s dividend policy and conditional tender offer.

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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/

15. Uncovering Trusts – BlackRock Latin American Investment Trust (BRLA)

In this episode, our director of content, investment trusts Milosz Papst discusses Edison’s latest thematic piece on US Small Cap equities. He then explores Baker Steel Resources Trust whose bottom-up, value-focused strategy is to invest in a concentrated portfolio of 10–20 unlisted junior mining companies. BSRT’s objective is to create value through driving the development of investee companies, as well as exploiting market inefficiencies and pricing anomalies. He discusses how the trust mitigates the risks arising from investments in early-stage mining businesses. He elaborates on the implications of the portfolio maturity for distributions to shareholders. He also delves into the developments at the trust’s two largest holdings.

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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/

14. Uncovering Trusts – Baker Steel Resources Trust (BSRT)

In this episode, our director, Martyn King explores The Law Debenture Corporation whose aim is to achieve a higher rate of total return than the broad UK stock market through investing in a diversified portfolio of mainly UK equities with some international holdings. Its IPS business provides a regular flow of income, which augments the dividend income from the equity portfolio. He talks about the company’s unique structure with two very distinct, complementary parts. He also discusses the key highlights of the company’s recent interim results and its long-term performance. He also explains the current portfolio positioning and where the managers see further opportunities.   

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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/

13. Uncovering Trusts – The Law Debenture Corporation (LWDB)

In this episode, our director of content, investment trusts Milosz Papst, and investment trust analyst, Michal Mordel, explore the key takeaways from Edison’s recent thematic campaign on emerging markets. They highlight that emerging market equities have been out of favour recently and are trading on average at attractive absolute and relative valuations compared with developed markets. They outline the key secular growth drivers underpinning the performance of emerging economies. They discuss some of the key beneficiaries of the changes in the global supply chain. Moreover, they discuss the state-level and corporate-level governance across the emerging markets. They conclude by commenting on the main potential triggers of a re-rating in emerging market equities.

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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/

12. Uncovering Trusts – A closer look at Emerging Markets

In this episode, our director of content, investment trusts Milosz Papst explores Canadian General Investments, which aims to generate above-average total returns from a diversified portfolio of North American (predominantly Canadian) equities. He talks about CGI’s unconstrained investment approach, its track record of outperformance, as well as major active sector weights. He delves into CGI’s recent investment in two uranium producers. He also comments on the company’s dividend distributions, gearing and discount to NAV.

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

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/

11. Uncovering Trusts – Canadian General Investments (CGI)

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