Discover the world of investment trusts in the 'Uncovering Trusts' podcast series by Edison Group. Hear from Edison’s analysts and trusts’ management and gain insights into how these trusts, covered by Edison, effectively manage assets to maximize returns, aligning with the risk appetite and diverse requirements of both commercial and retail clients.
Edison is a leading investor relations business, operating across all major capital markets. We help create optimal valuations for client stocks, deploying our award-winning combination of intelligent strategic advice, equity research, investor marketing and direct investor engagement.
To find out more about investment trust covered by Edison, please visit: https://www.edisongroup.com/equities/investment-companies/ (https://www.edisongroup.com/equities/investment-companies/)
64. Uncovering Trusts – Invesco Asia Dragon Trust (IAD): Looking beyond the obvious AI winners
In this episode, our director of content for investment companies, Milosz Papst, talks about Invesco Asia Dragon Trust (IAD), an investment trust applying a 'valuation, not value' approach to Asian and Australasian equities through a concentrated portfolio of high-quality companies trading below their intrinsic value. Milosz covers IAD's 39.6% NAV total return in the year to April 2026, which was strong in absolute terms but trailed the benchmark's 45.7% as market leadership narrowed to a handful of AI-related semiconductor stocks. He also notes the trust's outperformance over five and 10 years. He discusses why the managers are taking profits in early AI winners and looking for second-order beneficiaries, including Chinese internet companies, Korean financials, Indian finance and logistics, and Australian engineering firm Worley. He also covers the managed team transition, with Marc Ye joining as co-manager. Milosz then touches on the benefits of the 2025 merger with Asia Dragon Trust, including greater scale, a sector-low ongoing charge of around 0.7%, an annual distribution of roughly 4% of NAV, the discount narrowing to 5.4% and the 2028 tender offer.
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About 'Uncovering Trusts'
'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.
About Edison:
Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.
Edison covers around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/
29 Sept 2026
63. Uncovering Trusts – HgT (HGT): Strong portfolio trading through the software sell-off
In this episode, our director of content for investment companies, Milosz Papst, talks about HgT (HGT), a listed private-equity investment company managed by Hg that gives shareholders exposure to more than 60 unquoted mission-critical B2B software and technology-enabled services businesses. Milosz covers HgT's H126 results, including continued strong underlying trading, with 16% last-12-month revenue growth and 19% EBITDA growth across the portfolio. This was offset by lower valuation multiples amid the sell-off in public software, resulting in a 4.9% NAV total return decline. He discusses why Hg believes its portfolio is well positioned to benefit from AI, the progress at its largest holdings, Visma and IFS, and realisations above carrying value, including the Intelerad and Quantios exits. Milosz also touches on HgT's outstanding commitments and extended credit facility, its new buyback framework, Hg's plan to increase its combined stake to more than 15% and a discount to NAV that remains wide despite the recovery in software markets.
***********************************************************
About 'Uncovering Trusts'
'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.
About Edison:
Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.
Edison covers around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/
16 Sept 2026
62. Uncovering Trusts – Baker Steel Resources Trust (BSRT): Capturing value along the mining development curve
In this episode, our director of content for investment companies, Milosz Papst, talks about Baker Steel Resources Trust (BSRT), a closed-end investment company targeting long-term capital growth through a concentrated portfolio of natural resources investments, spanning listed and unlisted equity, convertible loans and royalties. Milosz covers BSRT's 15.4% NAV total return in H126, ahead of its mining benchmarks, and the further 17.3% NAV increase in August driven largely by Tungsten West's agreement with the UK National Wealth Fund for financing of up to £71m to bring the Hemerdon mine into production. He also discusses the trust's other largest holdings, including Cemos, Futura Resources and Blue Moon Metals, as well as progress at smaller positions such as the Bilboes gold royalty and Silver X. Milosz also covers the board's new capital allocation policy targeting a 5% annual return of capital, the ongoing share buyback programme, and the narrowing of BSRT's discount from 43% at end-2025 to 22%.
***********************************************************
About 'Uncovering Trusts'
'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.
About Edison:
Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.
Edison covers around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/
Who has been a guest on Uncovering Trusts by Edison Group
Names identified in recent episode analyses. Showing up to five guests.
Milosz Papst
Chloe Wong
Joanne Collins
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YouTube views
1,423,681
Score snapshot 15 Sept 2025
Spotify
5.0 / 5
4 ratings
Podcast Authority Score: 68 / 100
A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.
Quality
77
Social presence
0
YouTube
86
Engagement
60
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