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The Trust Show

Citywire
Spacex
Edinburgh Worldwide
Saba Capital
Performance
Buybacks
Biotechnology
AI In Software
RTW Investments
Hgcapital
Iceye
Europe
Share Price
NAV
Troy Asset Management
Canadian National
Alphabet
Gold
Japanese Government Bonds
Gain
Inflation

Citywire's Trust Show brings investors the latest news and analysis on the world of investment trusts.

PublishesMonthlyEpisodes73Founded6 years ago
Number of ListenersCategories
InvestingBusiness

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Artwork for The Trust Show

Latest Episodes

Manager Jean-Hugues de Lamaze talks UK market and dramatic infrastructure replacement cycle.

Seraphim Space CEO Market Boggett defends largest holding and shares fresh deployment plans after £137m raise.

Investors could fund the highly anticipated listings of SpaceX and Anthropic – plus the numerous others on the horizon – by selling the Magnificent Seven giants that have long dominated markets.

Head of Client Services at European and US software investor Hg, manager of HgCapital, defends the sector against rapid AI advancement.

The Lindsell Train manager defends his high-conviction approach that has been ‘wonderful on the upside but painful on the downside’. Despite falling far behind the benchmark in recent years, Train said that ‘in a world of ETFs and index huggers, it i... more

RTW’s Oliver Kenyon unpacks the biotech opportunity as pioneering companies move into commercialisation, and explains why he thinks the sector still looks attractively valued.

The Edinburgh Worldwide chair fended off accusations made by Saba Capital ahead of its impending vote to remove the board later this month, defending the £750m trust’s sale of SpaceX and his personal involvement in the FCA’s largest ever fine against... more

Personal Assets’ newest manager looks back on a busy 2025 in a conversation spanning stickier-than-expected inflation, Yen exposure and why the trust won’t be investing alongside crypto’s ‘nefarious actors’.

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Recent Guests

Jean-Hugues de Lamaze
Manager and former head of European Utilities Research at Goldman Sachs
Ecofin Global Utilities and Infrastructure Trust
Episode: Ecofin’s De Lamaze: UK ‘most challenging’ market for utilities
Mark Boggett
CEO and founder of Seraphim Space
Seraphim Space
Episode: Seraphim’s Boggett ‘unapologetic’ about near-40% ICEYE holding
Mike Seidenberg
Manager of Allianz Technology Trust
Allianz Technology Trust
Episode: Allianz Tech: Wave of trillion-dollar IPOs could dethrone tech leaders
Luke Finch
Partner and head of client services at HgCapital
HgCapital
Episode: Luke Finch: AI progress is a ‘win win’ for HgCapital
Nick Train
Leading UK asset manager; head of Lindsell Train UK and Global Equity Funds; CEO/manager of Finsbury Growth & Income Investment Trust
Lindsell Train, Finsbury Growth & Income Investment Trust
Episode: Nick Train: Worse-ification is the route to mediocrity
Jonathan Simpson-Dent
Chair of Edinburgh Worldwide
Edinburgh Worldwide
Episode: Edinburgh Worldwide’s Simpson-Dent fends off Saba accusations
Charlotte Yonge
Co-manager of Troy Asset Management's All Weather Personal Assets Trust
Troy Asset Management
Episode: The Trust Show with Charlotte Yonge

Host

Lottie Edwards
Host of The Trust Show

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Talking Points

Recent interactions between the hosts and their guests.

Ecofin’s De Lamaze: UK ‘most challenging’ market for utilities
Q: There's talk of a valuation gap between private and listed infrastructure. What's driving this, and what does it mean for investors?
Private equity has raised large cash cushions and often pays premiums well above listed asset values, reflecting exposure to long-duration cash flows and control advantages; EGL views this as creating undervaluation opportunities in listed infrastructure, as listed assets trade at lower multiples than private peers despite similar fundamentals.
Ecofin’s De Lamaze: UK ‘most challenging’ market for utilities
Q: Could you elaborate on the role of nuclear in your portfolio and whether it's a global trend or mainly in the US/UK?
Nuclear is viewed as a critical 24/7, low-carbon baseload option that is re-emerging in the US and Europe, with US players signing favorable contracts and expectation that Europe and the UK will follow as capacity and storage needs grow, complementing renewables to stabilize power supply.
Ecofin’s De Lamaze: UK ‘most challenging’ market for utilities
Q: Have you made any investments that were directly AI plays, like data centers?
Data centers have been an area of focus as long-term, contracted electricity supply is critical for those clients, with some early examples around multi-decade agreements; however, the team emphasizes not relying on a single driver, instead layering several themes to capture long-term demand across different sub-segments.
Ecofin’s De Lamaze: UK ‘most challenging’ market for utilities
Q: What are some of the big structural growth drivers at the moment besides electrification?
Besides electrification, the growth drivers include a surge in capital expenditure on aging infrastructure, the expansion of transmission grids and storage technologies, and the development of long-term contracts in renewables and utilities that support earnings visibility and resilience despite higher interest rates.
Ecofin’s De Lamaze: UK ‘most challenging’ market for utilities
Q: To start with, could you give us a quick summary of the strategy?
The fund focuses on global, listed infrastructure assets with long-duration, contracted cash flows and a preference for asset-backed services over traditional industrial exposure, aiming to capture growth from electrification, data centers, and renewables while maintaining diversification to reduce sensitivity to short-term rate moves.

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Frequently Asked Questions About The Trust Show

What is The Trust Show about and what kind of topics does it cover?

This show focuses on investing trends, markets, and the mechanics of the investment trust and asset-management landscape. Recent episodes combine deep dives into portfolio strategy with timely debates on AI's role in finance, UK equity opportunities, biotech cycles, and governance or activism in funds. Guests range from senior investors and fund managers to industry commentators, offering practical perspectives on performance, risk, and value creation in software, healthcare, consumer staples, and financial services. The show tends to fuse macro context with granular examples from current holdings, exits, and corporate actions, making it useful for professional listeners seeking actionable takeaways on how to navigate evolving markets and i... more

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Which podcasts are similar to The Trust Show?

These podcasts share a similar audience with The Trust Show:

1. Investors' Chronicle
2. MoneyWeek Talks
3. On The Money
4. Merryn Talks Money
5. Money Makers

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The Trust Show launched 6 years ago and published 73 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on The Trust Show?

Recent guests on The Trust Show include:

1. Jean-Hugues de Lamaze
2. Mark Boggett
3. Mike Seidenberg
4. Luke Finch
5. Nick Train
6. Jonathan Simpson-Dent
7. Charlotte Yonge

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