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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.

PublishesMonthlyEpisodes74Founded6 years ago
Number of ListenersCategories
InvestingBusiness

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Artwork for The Trust Show

Latest Episodes

Nikos Petrakakos, portfolio manager of shipping trust Tufton Assets explains how disruption in the Middle East is permanently reshaping global trade routes.

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.

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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

Lucy
Host of The Trust Show at Citywire

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Talking Points

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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?

The show centers on investment trusts, fund strategy, and active management across traditional assets and emerging themes. Episodes frequently feature fund managers and senior investment professionals discussing portfolio construction, risk management, and performance against macro shifts, with notable coverage of AI, technology, space investing, biotech, and energy transitions. A standout aspect is the willingness to explore controversial or concentrated strategies (e.g., top holdings and portfolio concentration) and to draw practical insights from board dynamics, governance, and regulatory considerations. Listeners can expect deep dives into fund philosophy, asset allocation across geographies, and the implications of secular trends for c... more

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These podcasts share a similar audience with The Trust Show:

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

How many episodes of The Trust Show are there?

The Trust Show launched 6 years ago and published 74 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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