Monthly Roundup: activism pros & cons, Scottish Mortgage results and opportunities in the FTSE250

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in May, brought to you in association with Schroders.

In news, Ryan debates the pros and cons of the ongoing activist activity, and what effects this has had on the wider industry. Elsewhere, we discuss the implications of industry veteran Richard Pease joining the Rockwood Strategic (RKW) team.

Onto results, where David discusses what Picton Property Income (PCTN) revealed, including an update on their disposal programme and the dividend outlook. Jo covers International Biotechnology’s (IBT) half-year results which managed to deliver positive returns in a falling market, as well as the impact of M&A. Then Ryan turns his attention to Asia, and how two Schroder trusts, Schroder AsiaPacific (SDP) and Schroder Oriental Income (SOI) have managed volatility during the period.

Sticking with Schroders, Jo talks through the highlights of her podcast with Jean Roche of Schroder UK Mid Cap (SCP) and where the best growth opportunities lie in the UK. Elsewhere, Jo also provides the key takeaways of her podcast with Bianca McMillan of Gravis and what challenges the infrastructure industry faces.

On a broader topic, David talks through the highlights of his chat with Annabel Brodie-Smith of the AIC, including looking back at the inception of the AIC’s dividend hero list, and forward at what the industry could look like in five years’ time.

Next, Jo runs through the most bought and sold shares and trusts in the past month, including highlights from Scottish Mortgage’s (SMT) latest results. Finally, David lifts the bonnet on his own portfolio, including his best performing holdings and, in a challenging month, some things he perhaps missed out on.

00:05 Introduction

00:33 Repercussions of activism

02:25 RKW’s new joiner

03:59 PCTN results

05:30 IBT results

07:28 Schroder Asia’s results

09:38 Schroder UK Mid Cap podcast

11:47 GCP’s Bianca McMillan podcast

12:45 AIC’s Annabel Brodie-Smith podcast

14:30 Most/least popular shares & trusts

15:14 SMT’s results

16:11 David’s portfolio performance

18:07 Risk warning

Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range…

This podcast was recording on 03/06/2025.