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Join Jo Groves, David Brenchley and Ryan Lightfoot-Aminoff 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. Before covering the news, David provides a quick update on space stories from last month, including the outcome of Seraphim Space (SSIT)’s C-share raise, and the impact of the impending SpaceX IPO on the results of Scottish Mortgage (SMT). This leads onto a small side quest to May’s most bought and sold trusts, which is dominated by space and semiconductors. Ryan then returns to our usual programming, with a look over the winners from the corporate activity in Alexander Darwall’s European Opportunities Trust (EOT), as well as the potential implications of changes for Nick Train’s Finsbury Growth Trust (FGT), including a new gearing and dividend strategy. Elsewhere, Ryan looks at some corporate activity for Schroder UK Mid Cap (SCP) with the introduction of a tender offer. Sticking with Schroders and the UK, David then touches on the results for Schroder Income Growth (SCF) which published its interims in the month and aims to build on the trust’s 30-year dividend growth track record. Elsewhere in results, Jo looks at the latest update from International Biotechnology Trust (IBT), which enjoyed a considerable NAV total return thanks to M&A and positive news flow. Also seeing strong near-term results was Schroder Oriental Income (SOI) which saw NAV total returns of over 35% in just six months to the end of February 2026. This was largely due to tech stocks, which are becoming of increasing importance to the Asian region. Moving onto podcasts, and Jo runs over the highlights of her conversation with Rebekah McMillan of Neuberger, which includes her views on US large caps, emerging markets and the future on the future of the 60:40 portfolio. Elsewhere in podcasts, David sat down with Majedie Investment (MAJE)’s David Cornell to discuss their strategy, including their approach, outlook on markets and what to expect going forward. Finally, Ryan covers his missed stat of the month from April, with an analysis of Intel’s share price which has finally risen above its peak prior to the bursting of the dot com bubble. This includes looking at the benefits of diversification, as well as the impact of dividends on total returns. 00:00 Introduction 00:26 What’s to come 01:16 Update on Seraphim fundraise & SMT’s SpaceX gain 02:41 Most bought trusts 03:43 Outcome of EOT strategic review 05:21 Changes at Finsbury Growth 08:08 Updates from SCP 09:09 Results from Schroder Income Growth 11:20 IBT’s very strong gains 13:19 What drove SOI’s strong returns 15:46 Market Matter review with NB’s Rebekah McMillan 18:23 Review on MAJE and outlook 21:14 Stat of the month on Intel’s comeback 24:03 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 03/06/2026.
