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UEM is aspecialist investment company focused on infrastructure, utilities and essential services across emerging markets. Managed by Charles Jillings and his team, the trust invests in the companies that help economies function and grow, including ports, railways, electricity networks, telecoms, digitalinfrastructure and transport assets. With a concentrated, bottom-up approach, UEM looks for high-quality businesses with strong management teams, resilient cash generation and the potential to deliver long-term capital growth alongside a progressive dividend. Investing across regions from Latin America to Asia, the trust aims to benefit from the structural growth trends underpinning urbanisation, industrialisation and rising middle-class demand in emerging economies. In the interview, Charles discusses how the company has navigated a volatile backdrop shaped by tariffs, geopolitical tensions, inflation and energy shocks, while continuing to uncover attractive opportunities in often-overlooked infrastructure sectors. He explains why emerging markets have become more resilient and adaptable, highlights opportunities in ports, digital infrastructure and Brazil’s waste sector, and outlines how governance and management quality drive stock selection. The conversation also explores China’s industrial evolution, India’s infrastructure ambitions, Latin America’s growing appeal, and why energy security, AI enablement and supply-chain resilience could become powerful drivers of future growth.

Welcome to another episode of 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 21, they examine why infrastructure is emerging as one of the most compelling long-term investment opportunities, driven by ageing assets, surging electricity demand from AI, the energy transition and growing concerns over energy security. They discuss how governments are increasingly relying on private capital to bridge a multi-trillion-dollar global infrastructure funding gap, creating attractive opportunities in sectors such as utilities, water and transport. The episode also revisits the ongoing conflict in Iran, exploring why geopolitical uncertainty reinforces the importance of portfolio diversification, disciplined risk management and maintaining a long-term investment perspective rather than reacting to short-term market volatility.

EGL investsin a diversified portfolio of utilities, environmental services, and transportation infrastructure companies across developed markets, with the aim of delivering a combination of secure income, capital preservation, and long-term growth. Managed by Jean-Hugues de Lamaze since launch in 2016, the trust focuses on businesses with predictable cash flows, strong inflation linkage and structural growth opportunities arising from the energy transition. Recent years have seen the portfolio benefit from growing investment in power networks, electrification and energy infrastructure - themes that the manager believes are reshaping what has traditionally been viewed as a defensive, income-oriented sector. In this interview, de Lamaze explains why utilities and infrastructure are no longer simply "bond proxy" investments, arguing that electrification, grid modernisation, and rising power demand are creating compelling long-term growth opportunities. He discusses how the trust seeks to combine a c.4% yield with dividend growth, outlines the investment case for electricity networks, renewable infrastructure, and environmental services, and explains why the market continues to underestimate the sector's structural growth potential. He also reflects on the impact of AI-driven electricity demand, the energy transition, valuation opportunities created by interest-rate volatility, and how EGL is positioned to deliver attractive returns with lower volatility than broader equity markets.

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 e ditor 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 20, they first look at special situations - and why uncertainty, negative sentiment and unloved assets can create compelling opportunities for patient investors. From discounted investment trusts and out-of-favour fund managers to life sciences, data businesses, infrastructure and uranium, they consider when market pessimism signals genuine value rather than a value trap. They then turn to growth, asking where the next generation of opportunities might emerge, from AI and healthcare to infrastructure and the energy transition - and whether investors can still find high-quality growth at a reasonable price.

CGT is a long-established, defensively positioned multi-asset investment company focused on preserving and steadily growing investors’ real wealth over time. Managed byCG Asset Management, the trust aims to deliver long-term returns ahead of inflation while minimising the risk of significant capital loss, using a flexible global portfolio spanning equities, bonds and commodities without leverage or short selling. As of 31 January 2026, the portfolio was heavilyweighted towards inflation protection, with around 45% in index-linked government bonds alongside allocations to equities, credit and liquidity. Over the year to January 2026 the share price total return was 5.1%, and since inception in 1982 the trust has delivered returns of over 290x investors’ capital with only two losing years, highlighting its exceptional long-term wealth preservation record under its long-standing manager and founder Peter Spiller. In this episode, co-manager Chris Clothier explains how the trust is built to withstand uncertain markets, stressing the importance of preparing portfolios in advance rather than reacting to geopolitical shocks. He outlines the three core building blocks - risk assets, inflation-linked bonds and a strategic liquidity reserve - and how allocation decisions are driven by valuations, the business cycle and long-term macro views, particularly around inflation and global debt. Clothier also discusses concerns over elevated government debt and the potential for bond market stress, the role of investment trusts in exploiting discounts, and the trust’s focus on avoiding losses while delivering real returns. The conversation also touches on active shareholder engagement and the importance of retail investors.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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.

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 15, they set out the portfolio positioning for 2026 amid stubborn inflation risks, subdued growth, and a more fragile geopolitical backdrop. They explain why they remain underweight equities (especially the US), why value-led markets such as the UK and Europe look increasingly compelling, and why the AI-fuelled ‘Magnificent Seven’ concentration raises uncomfortable echoes of past booms. The pair also highlight favoured themes including healthcare/biotech, uranium, and the role of precious metals in preserving capital. The episode then turns to the evolution of the ‘Green’ portfolio into the new ‘Sage’ portfolio - broadening the remit beyond the environment to include a wider set of investments promoting social good, from equality and education to infrastructure and social housing.

BIPS aims to deliver a high level of income with thepotential for capital growth from a diversified portfolio of corporate bonds. The trust primarily invests in sterling and other major-currency bonds issued by companies, combining higher-yielding credits with investment-grade holdings to balance risk and return. Its closed-ended structure allows the use of modest gearing - typically around 10–15% - to enhance income and flexibility, as well as access to less liquid opportunities such as subordinated bank and insurance debt not available to private investors. BIPS also targets a set dividend - currently 12.25p per annum, equivalent to around a 7% yield - supported by predictable coupon income from its portfolio of around 150 issuers. In this interview, manager Rhys Davies discusses how BIPSis currently positioned following the recent inflation spike and subsequent bond-market volatility. He explains the trust’s preference for corporate over government bonds, highlighting exposure to household names like Boots and Morrisons alongside smaller building societies and bank capital instruments such as Lloyds and Newcastle. He explains the trust’s cautious but opportunity-aware stance, and how a higher weighting in investment-grade debt provides ample income without taking undue risk. And he outlines the team’s bottom-up credit process, and how it has identified successful contrarian trades that have delivered capital upside.

MYI is a diversified global equity income investmenttrust managed by abrdn’s Samantha Fitzpatrick and Martin Connaghan. With a globally unconstrained remit, the trust aims to deliver an above-average dividend yield alongside long-term real growth in both income and capital. The managers build a high-conviction portfolio of around 50 high-quality businesses from across developed and emerging markets, all expected to pay attractive, sustainable and growing dividends. While the mandate allows selective use of fixed income when valuations are especially compelling, the portfolio today is overwhelmingly equity-focused, with holdings spread across sectors such as financials, technology, consumer and industrials. The emphasis throughout is on valuation discipline, balance sheet strength and genuine underlying cash generation to ensure the dividend is covered by income earned from the underlying companies. In this interview Samantha and Martin discuss how theyhave steered the trust through a period of persistent macro uncertainty, including inflation, shifting interest-rate expectations, political tensions and volatile currencies. They explain the dual objective of delivering dependable income and attractive capital growth, and how portfolio flexibility allows them to blend higher-yielding names with lower- yielding but faster-growing businesses. The managers talk through their disciplined approach to valuation - trimming winners and adding to fundamentally sound laggards -their enduring conviction in emerging markets, and the rationale behind key positions in financials and technology. They also outline recent portfolio changes, including recycling from bonds into equities and new stock ideas, and explain why a consistent, bottom-up process remains their best defence against an unpredictable world.

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 to discuss thebig themes dominating the investment landscape and the important issuesaffecting the sector, while explaining how these are influencing the way thewebsite's ten live investment trust portfolios are being managed. In episode14, they look at economic pessimism in the UK, how the UK market isoutperforming despite the gloom and why it’s disconnected from the domesticeconomy. They look at why value investing is back in favour and how historicvaluation discounts are creating real value, before putting all together toexplain how the portfolios are achieving diversification in a potentiallystagflation world.

Formerly Aberdeen Asian Smaller Companies, AAS is an investment company focusing on high-quality small caps across Asia ex-Japan through a concentrated, high-conviction portfolio of roughly 50 names, built from deep, on-the-ground research and a quality-first philosophy. The portfolio is deliberately differentiated from its benchmark, the MSCI AC Asia ex Japan Small Cap Index, and diversified across India, China/Hong Kong, Southeast Asia, Taiwan, and Korea, with selective use of gearing. Current positioning leans into domestic growth (notably India) while owning export winners in Taiwan/Korea, aiming to capture Asia’s structural trends while managing risk through thoughtful portfolio construction. In the interview, portfolio manager Gabriel Sacks explains the evolution of the trust's strategy, including a rebalancing of geographic exposure towards North Asia and asset-light businesses, as well as a deepened focus on the China market and a detailed investment process emphasizing quality, valuation, and active portfolio management. He outlines the portfolio's geographic allocation across India, China and Hong Kong, Southeast Asia, and Taiwan and Korea, driven by themes like middle-class growth, advanced manufacturing, digitalization, and green energy infrastructure. And he explains his positive long-term outlook for Asian small caps as the “growth engine of the new world,” and why exposure to domestic consumption helps buffer the ongoing impact of tariff turmoil.