JohnBaronPortfolios.co.uk – Details, episodes & analysis

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JohnBaronPortfolios.co.uk

John Hughman

Business

Frequency: 1 episode/14d. Total Eps: 96

Previously only available to subscribers of www.johnbaronportfolios.co.uk, you can now listen here to the interviews we’ve conducted with leading investment trust managers, to our regular interviews in future, and to our new monthly podcast (The Two Johns) where John Baron and John Hughman will be discussing the latest investment and sector themes which influence how the website’s 10 live investment trust portfolios achieve a range of risk-adjusted strategies and income levels. The website’s members are notified whenever portfolio changes are made.

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The Two Johns

Season 2026 · Episode 15

Thursday, June 25, 2026 • Duration 43:43

Welcome to The Two Johns, the investment trust podcast brought to you by the website www.johnbaronportfolios.co.uk. Each month, John Baron joins former Investors' Chronicle editor John Hughman to discuss the big themes dominating the investment landscape and the important issues affecting the sector, while explaining how these are influencing the way the website's ten live investment trust portfolios are being managed.

In episode 19, they explore whether investors are entering a fundamentally more volatile and inflationary era, shaped by geopolitical fragmentation, shifting global power dynamics and the erosion of the post-war rules-based order. Drawing onJohn Baron’s latest monthly investment commentary, they discuss why resilience through diversification is central to portfolio construction, arguing that structurally higher inflation - driven by deglobalisation, ageing populations, government spending, energy transition costs and geopolitical tensions -requires a rethink regarding traditional investing, including the classic 60/40 portfolio.

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Patria Private Equity Trust (PPET)

Season 2026 · Episode 14

Monday, June 15, 2026 • Duration 33:50

PPET is a UK-listed investment company offering liquidaccess to European mid-market private equity. Managed by Patria Investmentssince 2024, with Alan Gauld continuing to lead the long-standing team, thetrust aims to deliver long-term total returns through a diversified mix ofprimary fund commitments, secondaries and an increasing allocation to directco-investments. Its focus is on mid-market businesses with enterprise values of€100m–€1bn - an area that has historically outperformed larger buyouts. Todaythe portfolio provides exposure to hundreds of underlying companies,predominantly in Europe, with strong weightings in technology, healthcare andindustrials. Alongside capital growth, PPET offers a progressive dividendpolicy and currently trades on a wide discount to NAV.

In the interview, Alan explains how PPET blendsprimaries, secondaries and directs - now around a quarter of the portfolio - tobalance diversification with higher-return potential. He outlines the rigorousdue diligence applied to each strand, the emphasis on sector-specialistmanagers, and why European mid-market buyouts offer fertile ground for valuecreation through operational improvement and strategic exits. Alan discussessector positioning - notably in niche B2B software and healthcare - sustainabilityas a driver of exit multiples, and the importance of conservative valuationdiscipline. Alan also addresses the recent slowdown in exits, the impact ofhigher rates and tariff uncertainty, and why improving distributions, buybacksand double-digit NAV growth could help narrow the sector’s persistentdiscounts.

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The Two Johns

Season 2026 · Episode 13

Friday, May 29, 2026 • Duration 40:01

In episode 18, they examine the evolving investment case for the technology sector as markets shift from growth-led momentum to a more value-focused environment. The discussion explores why recent valuation changes may have created new opportunities in technology, particularly among smaller specialist firms, while raising questions over the long-term strategies of some of the large-cap technology companies. They also consider the role of active portfolio management, global technology exposure, and defensive positioning through commodities and energy, alongside the broader implications of inflation, geopolitical tensions, and energy security for investors navigating an uncertain economic landscape.

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Foresight Environmental Infrastructure Trust (FGEN)

Season 2026 · Episode 12

Wednesday, May 27, 2026 • Duration 30:19

FGEN is a London-listed investment company managed by Foresight Group, targeting a sustainable,progressive dividend alongside long-term capital preservation. Formerly knownas JLEN Environmental Assets, the trust invests in a highly diversifiedportfolio of environmental infrastructure aligned with decarbonisation andresource efficiency. Its assets span renewable energy generation - includingwind, solar, anaerobic digestion, biomass, hydropower, and energy-from-waste -alongside battery storage, low-carbon transport and sustainable resourcemanagement such as waste, wastewater, and controlled-environment agriculture.Around 71% of the portfolio is in renewable generation, with the balance incomplementary infrastructure, making it one of the most diversified vehicles inits peer group. The strategy focuses on long-term, stable, and ofteninflation-linked cash flows, and currently supports a high, well-covereddividend, despite sector-wide valuation pressure and a wide discount to NAV.

In this interview, leadmanager Charlie Wright discusses FGEN’s evolution from a wind-and-solar focusedvehicle at IPO in 2014 to a broader environmental infrastructure platformspanning three pillars: renewable generation, other energy infrastructure, andsustainable resource management. He explains how diversification by technologyand revenue stream has helped cushion performance amid weak sentiment andregulatory uncertainty, including proposed UK changes to inflation linkage onlegacy subsidies. Wright highlights strong dividend cover of around 1.2x, lowgearing and a comparatively high discount rate as evidence of financialresilience. A key differentiator is FGEN’s trio of “growth assets” - a UKcontrolled-environment glasshouse, the CNG biomethane refuelling network, and aNorwegian land-based aquaculture facility, all of which are ramping upoperations and targeted for disposal in due course to crystallise capitalgrowth and recycle proceeds into new opportunities across the energytransition.

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The Biotech Growth Trust (BIOG)

Season 2026 · Episode 11

Monday, May 11, 2026 • Duration 28:37

BIOG is a specialist, pure-play investment trust focused on achieving long-term capital growth from the global biotechnology sector. Managed by OrbiMed, one ofthe world’s leading healthcare investors, the trust combines deep scientific, clinical, and financial analysis to identify companies developing innovative new medicines. Its portfolio is deliberately biased towards emerging and mid-cap biotechnology businesses, where much of the industry’s innovation sits and where valuation inefficiencies can be most pronounced. This positioning makes the trust more volatile than large-cap healthcare funds, but it is designed to capture asymmetric upside as scientific progress translates into clinical success, acquisitions, and market recovery.

In this interview, co-manager Geoffrey Hsu explains how the trust navigates the high-risk, high-reward world of biotech investing. He outlines OrbiMed’s rigorous bottom-up process, blending detailed scientific due diligence with disciplined valuation and risk control, and discusses how the portfolio isconstructed to manage binary clinical events. The conversation explores why emerging biotech has been hit hardest by rising interest rates, why valuations now look compelling, and how improving funding conditions, M&A activity and a rich pipeline of clinical catalysts could drive recovery. Hsu also highlights key innovation trends – from oncology and rare diseases to gene, RNA, and cell therapies – and explains how global exposure, including China, positions the trust for the next phase of growth.

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The Two Johns

Season 2026 · Episode 10

Saturday, May 9, 2026 • Duration 36:38

Welcome toThe Two Johns, the investment trust podcast brought to you by the website www.johnbaronportfolios.co.uk.Each month, John Baron joins former Investors' Chronicle editor John Hughman todiscuss the big themes dominating the investment landscape and the importantissues affecting the sector, while explaining how these are influencing the waythe website's ten live investment trust portfolios are being managed.

In episode 17, they take an in depth look at thepower of compounding, and why it remains one of the most important drivers oflong-term investment success. They explain how reinvesting dividends hashistorically generated the vast majority of stock market returns, turningsteady, patient investing into significantly stronger outcomes over time. Theyalso look at gold’s recent weakness during geopolitical tensions and why,despite short-term pressures from a stronger US dollar and regional dynamics,the broader outlook remains positive.

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City of London (CTY)

Season 2026 · Episode 9

Thursday, April 23, 2026 • Duration 39:13

Launched in1891, CTY is one of the UK’s oldest and best-known investment companies, with along-standing focus on delivering a rising income alongside long-term capitalgrowth. The trust invests predominantly in UK-listed equities, although many ofits holdings generate a significant proportion of revenues overseas, and it hasthe flexibility to invest up to 20% of assets in overseas stocks. CTY isparticularly renowned for its exceptional dividend record, having increased itspayout every year for close to six decades, supported by the investment truststructure and the use of revenue reserves. The portfolio is managed with aconservative, valuation-led approach, emphasising companies with strong balancesheets, resilient cash flows and sustainable dividends. Job Curtis has managedthe trust since 1991, providing continuity of philosophy through multiplemarket cycles.

In thisinterview, Job Curtis discusses how the trust is positioned in the currentmarket environment and reflects on the experience gained from managing CTYthrough periods of inflation shocks, interest rate cycles and geopoliticaluncertainty. He explains why valuation remains the starting point for allinvestment decisions and how this discipline has shaped portfolio positioning,including a sizeable overweight to UK financials and selective exposure to realestate and other out-of-favour areas. The conversation also covers the trust’spragmatic approach to ESG, its willingness to take contrarian positions wherevaluations are compelling, and the role of revenue reserves in sustainingdividend growth. Curtis concludes by outlining the key risks and opportunitiesfacing income investors and setting out why he believes pessimism around UKequities is overstated.

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Finsbury Growth & Income Trust (FGT)

Season 2026 · Episode 8

Friday, April 3, 2026 • Duration 40:55

FGT is oneof the UK market’s largest and most established investment trusts, aiming todeliver long-term capital growth and a growing income stream from aconcentrated portfolio of predominantly UK-listed companies. Managed since 2000by Nick Train, the trust follows a distinctive conviction-ledphilosophy, investing in high-quality businesses with strong brands, durablecompetitive advantages, and the ability to generate sustainable cash flows overdecades. The closed-ended investment trust structure allows the manager to holdsuccessful investments for the long term without being forced sellers,supporting a patient approach that has underpinned the trust’s long-term trackrecord across multiple market cycles.

In thisinterview, recorded three years after we first spoke to Mr Train in December2022, he reflects on his 25 years at the helm and the trust’s 100-year history,before addressing the recent period of underperformance. He discusses why theportfolio has struggled amid sector headwinds, notably in consumer brands suchas Diageo and Burberry, and explains why he remains committed to theseholdings. The conversation also explores a growing portfolio emphasis on dataand information businesses, including London Stock Exchange Group, and MrTrain’s conviction that artificial intelligence represents a long-termopportunity for such businesses rather than an existential threat. Throughout,he reiterates the importance of patience, discipline, and belief in enduringbusiness quality.

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The Two Johns

Season 2026 · Episode 7

Friday, March 20, 2026 • Duration 46:16

Welcome toThe Two Johns, the investment trust podcast brought to you by the website www.johnbaronportfolios.co.uk.Each month, John Baron joins former Investors' Chronicle editor John Hughman todiscuss the big themes dominating the investment landscape and the importantissues affecting the sector, while explaining how these are influencing the waythe website's ten live investment trust portfolios are being managed.

In episode16, they suggest emerging markets deserve renewed attention because ofattractive valuations, stronger demographics, structural reforms, risingdomestic consumption, and improving economic credibility. They also examine theIran conflict, warning that it could go on for longer than some expect, whileadvocating the importance of staying invested even if underweight equityexposure and overweight other assets such as corporate bonds, infrastructure,precious metals, commodities and cash.

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Seraphim Space Investment Trust (SSIT)

Season 2026 · Episode 6

Friday, March 13, 2026 • Duration 43:10

Launched in 2021, SSIT is the world’s first listed investment trust dedicated solely to SpaceTech. Managed by Seraphim Space, the specialist investor seeks to deliver long-term capital growth by backing a concentrated portfolio of later-stage space technology companies with proven products and commercial traction. With around $480m of assets under management across its platforms, Seraphim focuses on businesses typically at Series B stage and beyond that combine scalable technology with a clear path to global relevance. The trust’s strategy centres on “Space 2.0”, encompassing digital infrastructure such as satellite constellations generating real-time data for use on Earth, and “Space 3.0”, which involves building physical infrastructure in orbit. In contrast, SSIT deliberately avoids launch, space tourism and deep-space exploration.

In this interview, Mark Boggett, CEO and co-founder of Seraphim, discusses how space technology has quietly become a mainstream enabling capability. Boggett explains Seraphim’s highly selective, hands-on investment approach, its use of deep sector knowledge to identify future category leaders, and the importance of partnering with established aerospace groups. The discussion explores how falling launch costs and advances in satellite technology are transforming the economics of the sector, why defence spending is accelerating the development of commercial space infrastructure, and how AI is unlocking the value of space-derived data for industries ranging from climate and mobility to communications and smart cities.

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JohnBaronPortfolios.co.uk – Details, episodes & analysis

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