Explore every episode of the podcast The Trust Show

The Lindsell Train manager defends his high-conviction approach that has been ‘wonderful on the upside but painful on the downside’. Despite falling far behind the benchmark in recent years, Train said that ‘in a world of ETFs and index huggers, it is necessary to offer investors a strategy that is radically differentiated’.

RTW’s Oliver Kenyon unpacks the biotech opportunity as pioneering companies move into commercialisation, and explains why he thinks the sector still looks attractively valued.

The Edinburgh Worldwide chair fended off accusations made by Saba Capital ahead of its impending vote to remove the board later this month, defending the £750m trust’s sale of SpaceX and his personal involvement in the FCA’s largest ever fine against a retail company.

Personal Assets’ newest manager looks back on a busy 2025 in a conversation spanning stickier-than-expected inflation, Yen exposure and why the trust won’t be investing alongside crypto’s ‘nefarious actors’.

Alex O’Cinneide, fund manager of Gore Street Energy Storage, denounces the pressure petro states brought to bear on the climate change summit but says the global growth in renewable energy storage is unstoppable.

Swiss-listed BB Biotech celebrates 30 years of outperformance with fund manager Dr Daniel Koller confident the biotechnology slump of the past two years will in time look like a small setback.

Veteran activist investor and North Atlantic Smaller Companies fund manager Chris Mills discusses how he is cautiously reinvesting the investment trust’s £107m cash pile after a series of spectacular successes.

Kamil Dimmich, Citywire AAA-rated manager of the £690m Pacific North of South EM All Cap Equity fund, discusses avoiding the hottest pockets of emerging markets. 

Wesley McCoy, manager of the £375m Abrdn UK Value fund, discusses why banks like Barclays are now a more contrarian bet than energy giants but defends making money from coal companies. 

Dragon Capital founder Dominic Scriven discusses the anti-corruption drive that shook Vietnamese markets last year and the prospects for pioneering £1.4bn investment trust, Vietnam Enterprise Investments Limited. 

The fog of uncertainty is clearing around real estate investment trusts after last year’s selloff, says TR Property's Marcus Phayre-Mudge, who tells Gavin Lumsden where he is finding good value in a sector trailing on steep discounts to asset value.

Ken Wotton, the manager of the £361m Gresham House Multi Cap Income fund and Strategic Equity Capital trust, discusses lowly-rated British smaller companies and the next wave of corporate activity.

Gavin Lumsden and Jeremy Gordon discuss the best and worst performing funds and investment trusts in a rollercoaster year, key investment themes and what 2023 might bring.

Having just left Allianz after 16 years to take over running the Premier Miton UK Value Opportunities fund, Matthew Tillett discusses why the switch and where he is finding bargains for the long-term while taking less risk today.

Alex Savvides, manager of the £1.1bn JOHCM UK Dynamic fund, discusses investing in companies at the moment of change and once-in-a-generation value in the UK stock market.

Guinness Global Investors chairman Tim Guinness discusses founding (at least) two asset managers, the evolving use of data in investing and opportunities in sustainable versus traditional energy stocks.

Fidelity Special Values fund manager Alex Wright explains why the next decade will be unlike the past 15 years. Investment returns will fall, but the cheap UK stock market is placed to do very well.

After three years of strong performance, Smithson investment trust has suffered badly in the 2022 growth selloff. Fund manager Simon Barnard explains how he is keeping faith with his stock picks.

George Cheveley, Citywire AA-rated manager of Ninety One’s Global Gold and Global Natural Resources funds, discusses the energy crisis in context, inflation, gold’s lacklustre 2022, and whether his portfolios’ strong run can continue even as we head for recession.

Joe Studwell, economist, author and director of Baillie Gifford’s Pacific Horizon investment trust, discusses the surprising secrets of development in Asia and Africa, and why the fastest growing economies rarely generate the best investment opportunities.

Nick Montgomery of Schroder Real Estate explains how UK commercial property is well positioned for the slowdown in the economy and why real estate investment trusts can generate income ahead of inflation and also do their bit for the environment.

Troy’s James Harries, manager of the Trojan Global Equity Income fund and Securities Trust of Scotland, discusses inflation, recession, tumultuous global markets and why he expects to make steady returns despite all of the above.

James Dow, a global equity income fund manager at Baillie Gifford, on why long-term growth trumps all else, the Chinese market, and the lessons of great investors like Warren Buffett and the recently-retired James Anderson.

Peter Spiller, the UK’s longest serving fund manager, explains how Capital Gearing Trust is waiting for a ‘Volcker moment’ when high inflation has caused markets to crash and interest rates are hiked aggressively, leading to a new golden era for investors.

Simon Adler, part of the Schroders team behind Global Recovery and other funds, makes the case for buying the cheapest stocks in the market and argues a recent recovery has barely scratched the surface after a lacklustre decade.

Steven Tredget, partner at Oakley Capital Investments, reveals how the investment trust invests in established technology companies in Europe at lower valuations than publicly traded tech stocks.

Ben Guest, manager of Gresham House Energy Storage, talks to Gavin Lumsden about how the volatility of power prices, not their high level, enables the battery fund to make impressive returns while helping the UK transition to clean energy.

Jon Forster discusses the lessons of two decades running the pioneering £1.4bn Impax Environmental Markets investment trust and new opportunities created by an accelerated transition to green energy as a result of the war in Ukraine.  

Redwheel Global Equity Income fund manager Nick Clay discusses the right environment for success, the case for income investing, defence stocks post-Ukraine invasion and why you shouldn’t buy Microsoft. 

Simon Gergel, manager of the 133-year-old UK equity income trust Merchants, talks to Gavin Lumsden about the stock market impact of high inflation, soaring energy prices and the war in Ukraine. 

Peter Michaelis and Simon Clements, who run Liontrust’s top-performing £15bn sustainable fund range, discuss crashing growth stocks, greenwashing, under-pressure Unilever, and the pros and cons of private equity in this in-depth interview. 

Daniel Hanbury, manager of the chart-topping £630m River & Mercantile UK Equity Smaller Companies fund, discusses valuations, hidden gems and whether the UK stock market can finally deliver a bout of outperformance this year. 

Alex Chartres, manager of the £4bn Ruffer Total Return fund, discusses the protective qualities of UK equities, that famous bitcoin buy, conventional bonds as ‘killing fields’, and markets caught napping as a new inflationary era dawns.  

John Chatfeild-Roberts, the fund-picking heavyweight who heads up Jupiter’s £6.5bn Merlin range, discusses why he still believes in Terry Smith, personal lessons from Neil Woodford’s downfall, getting the rise of passive investing wrong and the key traits he hunts for in active managers. 

Anthony Cross and Julian Fosh, managers of the top-performing and now giant £6bn Liontrust Special Situations fund, discuss the nature of competitive advantage among UK stocks, backing Shell and BP during the energy crisis, and why smaller companies remain the kings of compounding. 

Jeremy Podger, manager of the £3.3bn Fidelity Global Special Situations fund, discusses breaking up big tech, controversial takeovers and why he’s getting ready for ‘another leg’ of the value rally.

Dan Carter, manager of the Jupiter Japan Income fund, discusses investing for both income and growth in the country’s inefficient stock market, getting ‘creative’ as tech valuations rise, an unusual Olympics and why depressed Japanese equities are due a bounce. 

Sue Noffke, head of UK equities at Schroders, discusses dividends, the UK stock market recovery and her battle to make businesses like oil giant Royal Dutch Shell sustainable. 

Veteran Premier Miton fund manager Gervais Williams talks to Jeremy Gordon about how his funds and investment trusts bounced back last year after a shocking 2019, the joys of the Alternative Investment Market and why the outlook has never been better for the UK’s smallest listed companies. 

Keith Ashworth-Lord, manager of Sanford DeLand’s top-performing UK Buffettology Fund, talks to Jeremy Gordon about his investment philosophy inspired by the ‘Oracle of Omaha’, why he’s not worried about the recent ‘value’ rotation and the importance of not taking profits.

(Sponsored) Gavin Lumsden talks to BB Healthcare fund manager Paul Major, life sciences leader Dr Annalisa Jenkins, and cancer expert Professor Justin Stebbing about the challenges we face keeping coronavirus at bay.

Funds Fanatic Gavin Lumsden talks about investing around the world with Witan chief executive Andrew Bell for our ISA 2021 series.

Craig Baker, chairman of Alliance Trust’s investment committee, talks to Funds Fanatic Gavin Lumsden about key themes to consider when investing this year’s ISA allowance.  

Joe Bauernfreund, manager of AVI Global and AVI Japan Opportunities, describes how he buys into digital winners like fashion e-tailer Zalando and online GP Babylon through undervalued investment companies.

Citywire talks to BB Healthcare fund manager Paul Major and professors Justin Stebbing and Tony Young about the remarkable co-operation between scientists, medical practitioners, and academics the battle against coronavirus has inspired (Sponsored). 

Citywire's Gavin Lumsden speaks to Majedie's James de Uphaugh about picking up the pieces at Edinburgh investment trust about after Invesco's Mark Barnett and why he is optimistic about the UK stock market. 

JOHCM UK Equity Income managers Clive Beagles and James Lowen say the share prices of some UK smaller companies could double, but in light of the Woodford scandal are operating within self-imposed limits.

Carl Harald Jansen, co-manager of International Biotechnology Trust, talks to Citywire’s Gavin Lumsden about why biotech stocks are making a comeback after a comparatively quiet five years. He explains the revival is not all about finding a cure for Covid-19.

Chetan Sehgal, manager of the £1.9bn Templeton Emerging Markets investment trust, tells Citywire’s Gavin Lumsden that the good performance of countries such as Korea, Taiwan and even China this year demonstrates how emerging markets have changed for the better since the last financial crisis. Accounting for over a third of the global economy, he says they represent a vital source of high quality companies for global investors.

Peter Spiller, manager of Capital Gearing Trust (CGT), a defensive fund that has protected shareholders from this year’s coronavirus crash, explains his investment approach and why he believes gold is too expensive to be a safe haven.