Monthly roundup from Kepler Trust Intelligence: Growth of SpaceX, UKW’s dividend cover, and what’s popular with ISA millionaires

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 February, brought to you in association with Schroders.

In the news, Ryan looks over the corporate activity in the year, including the proposed combination of BlackRock Throgmorton (THRG) and BlackRock Smaller Companies (BRSC). Elsewhere, he looks at the potential outcomes for European Opportunities’ (EOT) strategic review, before a quick update on Impax Environmental Markets’ (IEM) ongoing battle with Saba.

Meanwhile, David recaps the Greencoat UK Wind (UKW) results, looking at both the positives and negatives, whilst Ryan summarises the results of BlackRock Energy and Resource Income’s (BERI) latest year, which involves another year of strong outperformance.

Over in podcasts, Jo runs through her conversation with Baillie Gifford’s Lucie Majstrova, including the growth trajectory of SpaceX, the potential for Anthropic’s AI disruption and why companies are taking longer to go public.

Next up, David talks through his highlights of his Ashoka WhiteOak Emerging Markets (AWEM) video, including how they balance both their India and China exposures. Meanwhile, Jo summarises her conversation with Randy Sandstrom of Sequioa Economic Infrastructure (SEQI), including why the investment trust structure is a great way of accessing the private credit space, and where the best opportunities lie at present.

David takes his turn for stat of the month, with some interesting data on the concentration of emerging markets winners, as well as how he used this information to consider some new portfolio allocations. Finally, we look at which companies and trusts make the AJ Bell’s ISA millionaire list, which includes a usual suspect as well as a number of UK equity income trusts.

00:00 Introduction

00:22 What’s to come

00:44 THRG’s and BRSC’s proposed combination

03:50 European Opportunities strategic review

05:09 IEM’s open letter to Saba

06:28 Ups and downs from UKW results

09:33 BERI benefits from flexibility

10:50 Baillie Gifford on SpaceX & Anthropic

13:27 Highlights from AWEM’s video

16:08 What SEQI offers in private credit

17:55 Stat of the month: Asia’s attribution

20:55 Most bought trusts

21:34 ISA millionaire ownership

23:43 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 recorded on 03/03/2026.