Uncovering Trusts by Edison Group

In this episode, our director of content for investment companies, Milosz Papst, talks about Patria Private Equity Trust (PPET), a UK 250 vehicle investing predominantly in European private equity funds and direct investments through a concentrated group of core managers. Milosz covers PPET's results for the six months to 31 March 2026, including 13.7% revenue growth and 13.4% EBITDA growth across its top 100 underlying holdings, alongside a 5.5% share price total return, achieved despite Middle East-driven volatility and a sell-off in software valuations. He discusses the trust's active deployment into new funds and direct deals such as Omilia and AlphaPet, strong realisations including the Uvesco exit, and its growing direct-investment programme. Milosz also touches on PPET's dividend record of 12 consecutive years of increases and its ongoing share buyback programme.
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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/

In this episode, our director of content for investment companies, Milosz Papst, talks about Deutsche Beteiligungs (DBAN), a German-based listed private equity and fund management company focused on mid-sized DACH businesses, often through succession-driven management buyouts. Milosz covers DBAG’s Q126 update, including a 3.0% NAV decline driven by lower valuation multiples amid the Middle East conflict, alongside FY26 NAV-per-share guidance of €36–40. He discusses the portfolio’s shift away from traditional industrials towards IT services, software and private debt, recent deals such as the Hipp Technology Group buyout, and strong realisations including the duagon exit. Milosz also touches on DBAG’s underappreciated fund services platform, its €1.00 per share dividend, and a share price discount to NAV of over 30%.
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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/

In this episode, our director of content for investment companies, Milosz Papst, talks about Murray International Trust (MYI), one of the oldest investment trusts in the market, managed by Martin Connaghan and Samantha Fitzpatrick at Aberdeen. Listed on the Main Market of the London Stock Exchange, MYI aims to achieve an above-average dividend yield alongside long-term growth in dividends and capital ahead of inflation. Milosz outlines key features that distinguish the trust from its peers: a differentiated portfolio with a lower allocation to the US and higher exposure to emerging markets than most global equity funds, its policy of paying dividends from income and revenue reserves rather than capital, and an emphasis on downside protection.
Milosz discusses the trust's standout 2025 performance, with a NAV total return of 21.9% and a share price total return of 36.0%, well ahead of the benchmark. He also covers MYI's strong dividend record of 21 consecutive years of annual increases, the recent re-rating from a discount of around 4.0% to a 1.6% premium to NAV, and the trust's competitive ongoing charges ratio of 0.5%.
***********************************************************
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/

In this episode, Liam O'Byrne, a member of Edison's investment company content team, discusses Canadian General Investments (CGI). Established in 1930, CGI is one of North America's oldest closed-end funds and has been managed by Morgan Meighen & Associates since 1956. Liam introduces the fund and its managers' long-term, bottom-up investment approach, with a mandate primarily focused on Canadian equities but with flexibility to invest up to 25% in US-listed companies. Led by portfolio manager Greg Eckel, the fund currently holds around 54 positions based on its 2026 AGM presentation. Liam outlines key portfolio holdings including Celestica, a major beneficiary of AI-related data centre investment, NVIDIA, Franco-Nevada and a growing uranium position via Cameco, NexGen Energy and Denison Mines. Turning to performance, Liam covers CGI's exceptional long-term track record, with annual share price total returns of 10.7% over 25 years and 11.8% over 50 years, both ahead of the S&P/TSX Composite Index.
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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/

In this episode, our director of content for investment companies, Milosz Papst, talks about Utilico Emerging Markets Trust (UEM), a specialist investment trust focused on infrastructure and utility companies across emerging markets. He introduces the trust and its managers' long-term, bottom-up investment approach – a concentrated portfolio of around 70 holdings managed by Charles Jillings and Jacqueline Broers at Bermuda-based ICM. Milosz outlines the portfolio's four key investment themes: social infrastructure, energy growth and transition, digital infrastructure, and global trade. He discusses the investment case behind each, including highlighted holdings such as Brazilian water utility Sabesp, renewable energy giant AXIA Energia, Chinese data centre operator GDS Group and Philippine port operator International Container Terminal Services.
Turning to performance, Milosz covers the trust's strong long-term track record, with an annualised NAV total return of close to 10% since launch in 2005 and encouraging more recent results in Q126, supported by the trust's sizeable Brazil exposure. He also highlights UEM's progressive dividend policy, noting that the trust is the only AIC Global Emerging Markets fund designated as a next-generation dividend hero, with more than 10 consecutive years of dividend growth.
***********************************************************
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/